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San Diego Software Business Raises $93M to Help Commercial Real Estate Owners Cut Carbon Impact

San Diego Software Business Raises $93M to Help Commercial Real Estate Owners Cut Carbon Impact

Measurabl, a San Diego-based firm that develops tools to assess and control a building’s carbon footprint, has secured $93 million in a fourth round of venture funding.

The money is being given out at a time when VC investment is decreasing elsewhere due to rising interest rates and a lack of interest in IPOs.

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Measurabl defied expectations by amassing a clientele of over a thousand people interested in mitigating the Environmental, Social, and Governance (ESG) consequences of their buildings through the use of the company’s subscription software. These entities range from real estate investment trusts and insurance firms to private equity investors and major technology tenants to Major League Baseball.

“You do not manage if you do not measure,” stated Matt Ellis, CEO and founder of Measurabl. You may now include this in your underwriting and transactions, which will have a positive impact on your bottom line.

About 16 billion square feet of commercial, residential, and company-owned properties in 93 countries have had sustainability data created by the company thus far. This includes a sizable share of commercial premises in the United States.

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Measurabl Wants to Make Sustainability a Priority in Real Estate

To make sustainability a financial metric in the buying, leasing, financing, and insuring of properties is Measurabl’s primary objective, as stated by Ellis.

He said that the construction industry was responsible for a significant portion of the world’s carbon emissions, freshwater consumption, and material consumption. Some estimates place commercial real estate’s carbon footprint at 40 percent of global emissions. However, it can be challenging for owners and building managers to collect and disclose this data.

Ellis had first-hand experience with this issue while serving as director of sustainability solutions at CB Richard Ellis.

Concerns are raised about the efficacy and transparency of asset managers’ ESG initiatives, particularly from more conservative state officials.

“The antidote to greenwashing is objective measurement and transparency,” Ellis added.

Measurabl has already raised $85 million prior to this round of funding. Roughly 250 people hold positions at the company.

The financing was headed by Energy Impact Partners and Sway Ventures. Aside from Moderne Ventures and WVV, other investors include Suffolk Construction, Broadscale, Camber Creek, Salesforce Ventures, Building Ventures, Constellation Technology Ventures, Concrete Ventures, RET Ventures, Colliers, and Lincoln Property Co.

Lindsay Luger, a partner at Energy Impact Partners and a member of Measurabl’s board, has said, “Measurabl has been ahead of the curve on the twin megatrends of digitalization and ESG sweeping the real estate sector.” They’re “the ESG platform for….. real estate owners and occupiers who must mitigate climate risk, decarbonize real estate portfolios, and improve access to capital,” and they’ve “greatly outdistanced their competition in terms of scale and sophistication.”


How does Measurabl work?

Measurabl’s software platform is designed to be easy to use and accessible to all commercial real estate owners. The platform collects data from a variety of sources, including utility bills, building permits, and energy audits. This data is then used to create a carbon footprint report for each property. The report includes recommendations for how the property can reduce its emissions.

Who uses Measurabl?

Measurabl is used by a wide range of commercial real estate owners, including office buildings, hotels, retail stores, and multifamily properties. The company has over 1,000 customers in 20 countries.

About Antonia Read

Antonia Read is a seasoned author specializing in the world of startups. With a keen interest in entrepreneurship and innovation, she has become a prominent voice in the field. Antonia's insightful writings offer valuable insights into the challenges and successes of startup ventures. Her expertise and dedication to the subject have earned her a reputation as a go-to resource for aspiring entrepreneurs and business enthusiasts alike.