Property Management Tech Space Grows With Fundraising And Buyouts
It has been a busy week in the property management tech space.
Office manager startup Eden secured $10M in funding earlier this week, while digital office executive Managed By Q made its first acquisition, buying out competition Hivy for an undisclosed price, TechCrunch reports.
MBQ is a platform that works to simplify day-to-day operations for office managers and includes a system that allows employees to book services such as cleanings and order office supplies. MBQ currently operates in San Francisco, New York, Chicago and Los Angeles and has raised $72M to date.
The Hivy platform it purchased compliments MBQ as it focuses on internal office communications and allows employees to remotely send requests for supplies to the office manager. Eventually, Hivy users will be able to book services through the MBQ platform. The companies will continue to run their businesses separately but do have plans to integrate services in the future.
The company began as a tech support service but has since expanded to focus on building its own software, which serves to act as a marketplace for third-party vendors to connect with other businesses.
Eden plans to use the recent funding to expand its business as well as hire more employees, including engineers.