Blackstone Innovations Investments Leads Funding Round for Cove
Proptech company connects tenants and landlords
By David Nusbaum June 3, 2022 12:18 pm
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Proptech company Cove, which integrates tenant experience and building operating systems for commercial real estate properties, closed a funding round this week led by Blackstone Innovations Investments. The round, which also included money from security firm Kastle Systems, closed at $10 million, according to sources familiar with the deal.
Washington, D.C.-based Cove recently partnered with EQ Office, a Blackstone (BX) portfolio company, to implement technology in select buildings that include the iconic Willis Tower in downtown Chicago. The product will roll out to more properties this summer.
“Partnering with Blackstone as the preeminent real estate investor will help us grow our platform, reach greater scale and continue to innovate the digital layer of what’s next in the industry,” Adam Segal, founder and chief executive of Cove, said in a statement.
The tech platform allows tenants to register guests, book amenities, lease flex office space, and submit work orders directly to property managers. The company was founded in 2013 and had previously received funding from Second Century Ventures.
“We have found a company that we believe can help landlords shape the future of work,” John Fitzpatrick, chief technology officer of alternative asset management technology at Blackstone, said in a statement.
David Nusbaum can be reached at dnusbaum@commercialobserver.com.
