Oct. 10, 2019 (NEW YORK CITY) Jones, a New York City based commercial real estate startup, announced today an additional $4.6 million venture round led by Hetz Ventures alongside JLL Spark, WeWork, MetaProp Ventures, GroundUp Ventures and 500 Startups. The company raised $8 million to date.
Jones provides a software-as-a-service solution helping commercial real estate companies to tackle the recurring headache of insurance certificates by automating and simplifying the workflow in each step of the value chain, from facility management to leases, development, and construction. The fresh funding from leading strategic investors will position Jones to sustain rapid growth becoming the standard for insurance compliance in the CRE industry.
Over the past 18 months, Jones has been deployed in over 500 of properties and thousands of vendors growing 20% MoM with leading companies such as JLL, MITIMICo, Stark Enterprises, and others. Its rapid growth is fueled by the speed and ease of software implementation, which the company states is occurring at a rate of two properties per hour. After just a few weeks of implementation, real estate customers cut liability exposures along with a seamless user experience for property managers, tenants and vendors.
“Jones’ growth, from our first two pilots together to now deploying across hundreds of JLL office and retail buildings, is a testament to their focus and ability to execute on this substantial market opportunity,” said Mihir Shah, Co-CEO at JLL Technologies. “We’re thrilled to continue our partnership as they scale their platform to reduce the friction of insurance workflows for the real estate industry.”
“Jones’s intuitive product is a ‘no-brainer’ for over 10M US properties and their impressive sale cycle turnaround is proving this value proposition” said Judah Taub, Managing Director of Hetz Ventures.
“We believe the on-demand-economy is coming to commercial real estate, and that means the insurance workflows need to be rebuilt for simplicity. Real estate managers, tenants and vendors deserve an effortless and transparent experience when completing the insurance approval process. Jones is building the compliance network where every transaction is like ordering an Uber.” said Omri Stern, CEO and co-founder of Jones.
“Jones is transforming the way our teams operate on a daily basis and has significantly reduced our liability exposure, freeing up valuable time so property managers can focus on operational excellence and an enhanced tenant experience,” says Nicole Hom, Northern California regional manager, JLL.
Jones handles liability insurance management for the commercial real estate industry so that you never have to think about COIs again. We believe real estate companies deserve simplicity and better results when managing liability exposures, and that completing the approval process should be easy for vendors and tenants. For commercial real estate owners, managers, and developers who need to solve compliance for everyone in the value chain, Jones is the simplest solution ever made.
About Hetz Ventures
Hetz Ventures is a $55M UK-based fund, backed by some of Europe’s most successful and best-connected investors. The value the fund adds centres on its unique network with major international companies, providing the ability to validate a company’s proposition and quickly accelerate a company’s business. The fund is focusing on Seed and Series A investments across various sectors including Fintech, Enterprise IT, Retail and Construction. Hetz Ventures is constantly seeking exceptional Israeli entrepreneurs and teams building deep and defensible technologies or disruptive business models.
About JLL Spark
JLL Spark is a division of JLL (NYSE: JLL) that operates a $100 million global venture fund to invest in proptech companies transforming commercial real estate. Led by experienced Silicon Valley entrepreneurs with successful track records building and investing in tech companies, JLL Spark’s strategic proptech investments offer JLL the ability to provide innovative products to real estate owners and operators. JLL Spark was founded in 2017 and is headquartered in San Francisco.