CHICAGO–(BUSINESS WIRE)–Truss, a Commercial Real Estate (CRE) tech platform, today announced the close of a $7.7 million Series A round led by Navitas Capital. Additional investors include Hyde Park Angels with a board seat to Jeffrey Hammes, Chairman of Kirkland & Ellis and a board observer role by Meredith Mendes, COO and Executive Director of Jenner & Block. Hyde Park Venture Partners is reinvesting after the initial seed round. With the latest funding, Truss has raised over $9 million in total capital.
Truss was created to solve a crucial pain point in the CRE industry: the office search process for companies needing space under 10,000 square feet. Truss will use the investment for additional market expansion, product development and improving the customer experience using Matterport’s best of breed 3D touring technology.
“There is a huge unmet need to help streamline the leasing process for small tenants and landlords. Therein lies the opportunity for Truss, which is uniquely positioned to provide content, context, and transparency – leveraging a technology-based listing and brokerage platform,” said James Pettit, Co-founder and Managing Partner, Navitas Capital. “We are excited to watch the team at Truss solve the challenges that small tenants and landlords have been facing when it comes to finding and leasing office space.” James Pettit will also be joining the Board of Directors.
This funding comes after two successful launches in Chicago and Dallas.
“With this latest round of funding we are able to further refine our solution and bring it to more places,” said Tom Smith, Co-Founder, Truss. “We’re excited to overcome the hurdles that startups, SMBs and other tenants looking for smaller office spaces have had to face.”
“Efficiency hasn’t yet been addressed in the commercial real estate industry,” said Peter Wilkins, Managing Director, Hyde Park Angels. “CRE is now ripe for disruption. Given the overall economics and the team’s previous success, we believe Truss is in a great position to drive market adoption and traction.”
“We are excited to provide Truss with additional capital to help them realize their vision of simplifying real estate transactions for growing businesses. Truss’ experienced management team, differentiated market approach and product vision are truly compelling to us and we look forward to working together,” said John Hoesley, Group Head of Technology Banking, The PrivateBank. The PrivateBank is providing venture debt financing for the transaction.
Truss simplifies the process of finding and leasing office space. Its web and mobile platform enables businesses to go from search to lease with ease. More information about Truss and how to lease office space is available at www.buildtruss.com.