Home Commercial cove Raises $10MM in Funding to Support Growth Integrated Tenant Experience and...

cove Raises $10MM in Funding to Support Growth Integrated Tenant Experience and Building OS Platform

Prologis, Duke Realty, Goldman Sachs Group, Inc., Citigroup, Wachtell, Lipton, Rosen & Katz
Courtesy of Zhifei Zhou

(EDITOR’S NOTE: Funding raised reached $10 million, according to sources with knowledge of the investment round.)

WASHINGTON D.C.– cove, a technology solution that integrates the tenant experience (“TeX”) and building operating systems (“building OS”) for commercial real estate, today announced the completion of a funding round from Blackstone Innovations Investments and other investors including Kastle Systems. They join existing investor, Second Century Ventures.

cove provides landlords and operators with a suite of products and services, including centralized TeX solutions, integrated building OS and flexible office management, all through a single platform. Through partnerships with several access control solutions, including Kastle, cove delivers a centralized user interaction and portal for access control. The Company sits at the intersection between owners, operators and tenants, empowering them to leverage technology to unlock the full potential of their physical space. In the same, white-labeled platform, tenants can register guests, book amenities, lease flex office space and submit work orders, which provides property managers with the tools they need to manage buildings – including vendor relations and maintenance.

cove recently partnered with EQ Office (“EQ”), a Blackstone Real Estate portfolio company, to craft a unique experience across select EQ assets. As part of the ongoing partnership, cove has been implemented at Willis Tower, the iconic state-of-the art workplace in downtown Chicago. Standing 1,450 feet and 110 stories tall, the tenants and property team at the tower now enjoy a true one-stop-shop that bridges the gap between the physical and digital space. EQ is planning to roll out cove across more of its portfolio this summer.

“The way people engage with the built environment is changing and we have developed our software to create a seamless experience for the user — whether tenant or operator,” said Adam Segal, Founder and CEO of cove. “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. Having a partner of this stature believe in our mission challenges us to continue innovating.”

“At EQ, we believe the workspace experience goes far beyond being able to unlock doors and order lunch,” said EQ Office Vice President of Technology Mikki Ward. “With the cove platform, EQ Office tenants and property teams will have an unmatched and fully-integrated technology solution that transforms the workplace.” 

“In cove, we have found a company that we believe can help landlords shape the future of work,” said John Fitzpatrick, Chief Technology Officer of Alternative Asset Management Technology at Blackstone. “cove sets a new standard for technology in the built environment, and we are excited to embark on this partnership.”

About cove

At cove, we are on a mission to build software and enable experiences that transform the way people engage with their physical environment. We do this by partnering with real estate owners and operators to put the experience in everyone’s hands. Since opening the doors of our first neighborhood co-working space in 2013, our vision has always been to create great spaces, provide great service, and use technology to make everything easier. With operations in our DNA, we have built a dynamic tech platform to connect the physical and digital worlds deployed with some of the most innovative real estate owners and operators — creating a building’s tech stack to bring people and experiences to the forefront.

 About EQ Office

EQ focuses on the experience of its 20 million square feet – how space feels, activates and performs to amplify the human experience. We’re proud to work hand-in-hand with more than 1,500 customers of all sizes, from Fortune 100 companies to emerging startups, to bring humanity back to the workplace. Our diverse team of more than 200 professionals is responsible for creating inspired office environments in major cities across the country including Chicago, New York, Los Angeles, San Francisco and Seattle. As a U.S. office portfolio company wholly owned by Blackstone’s real estate funds, we have the resources to lead the changes happening in work space.