Proptech Startup Snags $10M As Demand For Office Tech Grows
Office workplace solutions provider Lane has raised $10M in a Series A round as demand for proptech continues to boom. The round was led by Round13 Capital, a Canada-based venture capital firm.
Lane CEO Clint Robinson told Bisnow the funds will be used to accelerate the company's global expansion in places such as Australia, the United Arab Emirates, Brazil, Germany and across Europe. Lane also plans to double its current 40-person team by the end of 2020 and continue focusing on research and development, marketing and product development, Robinson said.
"We've been growing," he said. "We have great partners and we've really proven ourselves as a workplace solutions provider."
The funding comes as the office industry is grappling with how to keep tenants coming into the office and struggles to adapt to a changing work environment. Lane is a software service company that integrates building systems into a single centralized platform.
Last year, the company raised $2.5M to expand and secured partnerships with Brookfield, Colliers International and Convene. So far the company has grown from 80 buildings totaling about 35M SF to 250M SF in 15 states across the U.S. from California, New York to Miami.
Robinson said since the coronavirus pandemic hit, demand for his company's tenant experience platform has doubled.
"The future of work was already changing before the coronavirus, now it is being accelerated," Robinson said. "There's more demand than ever for workplace solutions since more companies are trying to accommodate workers working from home and to rearrange the office for flex space."
With states reopening and people head back to work, Robinson said the goal now is to provide companies an opportunity to safely bring employees back to the workplace and effectively manage and streamline building communications and operations.
"With this funding in place, we will be able to expand the reach of the Lane platform and deliver even greater benefit to all members of the workplace,” Robinson said.