The maturation of the real estate tech sector has been punctuated by some major people moves in both directions. We have seen well-known tech titans forge paths into real estate – some more successfully than others – and we have seen big names in property stepping into roles on the tech and innovation side of the equation.
For Maureen Waters, who was announced last week as the new chief growth officer at ESG tech platform Measurabl, the move has been a gradual one. Gradual but no less significant. Her transition from property executive to ESG tech leader began a decade ago when she moved on from Cushman & Wakefield after 15 years to head up real estate asset management at Bill Gates Investments. From there she moved on to online commercial real estate exchange Ten-X before joining New York-based real estate tech VC MetaProp as a partner.
Now her move to Measurabl, which follows the firm’s $93m (£76m) Series D fundraising announced earlier in the year, will see Waters focused on accelerating the growth of the platform – which helps real estate owners and landlords measure, manage and report on sustainability and ESG data across their entire portfolios – across the globe, with a particular focus on Asia.
With more than 25 years’ experience in property and technology, and a track record in building and growing tech companies from inception to unicorn status, she is certainly well-placed to take on the job. But why now, and why Measurabl? EG sat down with Waters to find out more.
Congratulations on the new role. With your experience and background, you would be an asset to any ambitious tech company looking to scale. What was it about Measurabl that made you want to take your expertise there?
I’ve been looking at the sustainability space for quite some time. I have been advising large real estate owners, operators and investors on sustainability reporting and the technologies that were out there to help with that. I spent a lot of time analysing and really getting to understand the tech in this space, and Measurabl has always been a leader. And they continue to be. They are pioneers. I have been following them for a while, I like the team and I was really impressed with the technology.
During your time at MetaProp a lot of different companies, solutions and innovations will have passed over your desk. Presumably that level of very in-depth knowledge and expertise has helped a lot too?
Yes, for successful growth you need to understand the needs of that Measurabl customer base – large real estate owners and operators. And you need to understand what it takes to deploy a technology like this. It is not just about knowing about purchasing the tech, but how to get the adoption and integration required within these large organisations to be successful. If I can bridge that gap and help streamline that process when I speak to those customers and the prospects that are considering deploying Measurabl then it gives me a great advantage.
What drove you to make this carefully plotted move from property to real estate tech, via a couple of major investment roles?
Having spent a large portion of my career at Cushman & Wakefield in lots of different capacities globally, I have always worked very closely with large real estate owners, operators and investors. And I have always wondered why they don’t accelerate the adoption of technology faster. So that has been kind of the crux of my career. How do I make that happen so that we start to see some real traction? From Cushman & Wakefield I went to Ten-X, where I led a firm that was operating in the real estate space to buy and sell property online. At the time, that was groundbreaking. From there, MetaProp was more about the investment. The thinking there was that if we could make more investments into this space, it would help accelerate the growth. My strategy has been always been about the growth of real estate tech and accelerating that in the built environment sector.
Back to Measurabl, and the new role. Chief growth officer is not a title we are as familiar with here in the UK as you might be in the US. Can you explain a bit about what it means (apart from the obvious remit around growth)?
I think, in some respects, the US is a little more advanced on the growth side now. There has been so much growth that you get to a point where it stagnates. The question then is what strategies can we use to accelerate that growth? So, you see more and more chief growth officers integrating all of the areas that represent growth, including sales and marketing. I see growth from the standpoint of revenue and strategic partnerships.
Can you give some more detail on what growth looks like for you?
Growth will be linked to meeting customers’ needs, so I won’t make any changes until I really understand what they want. Then there are certain expansion plans and growth initiatives under way in the US and Europe, but also now in Asia, specifically Japan. Speaking with Japanese investors, the big advantage there is that they have patient capital. They are long-term investors. They think strategically. They are engaging with the successes we have seen in Europe and the US and then looking for the right intersection between real estate and technology that will work for that region specifically.
It is encouraging to hear about the adoption of ESG tech becoming increasingly global. For many, using tools like this to reduce emissions and become as energy-efficient as possible is a passion, a belief and a necessity on a scale that goes way beyond their own business and returns. For others, the financial impact is more important. Many have said there is nothing wrong with something being the right thing for the environment and good for the bottom line at the same time. Do you agree?
I personally have a history of passion around this subject as my mum was very involved in doing the right thing in terms of tackling climate change. So, part of me feels very passionately about it. But as a real estate executive and an investor I would say there are ROIs. We have gone back and forth on whether they are there in the climate space. But an enormous amount of capital has been invested in climate tech. It will not necessarily have the same return from a timeline perspective as other investments. There is a debate out there as to whether it three years, five years, seven years. We are getting there. The returns are there. There is just a longer timeline than other investments to get the ROI we need.
You mention investment there. That has been the topic for debate for many months now. Is the capital still out there?
It is still out there. There is a bit of trepidation around – you know, do we wait? Do we wait until we get to the bottom? Where are we in the sales cycle? We are starting to see more M&A, but M&A was active even last year. Now we are seeing more strategic M&A. MetaProp never stopped investing; it just slowed down. And, as we have been discussing, there is a lot of activity in Asia.
As you step into this new role, what is the one message you want to communicate to people who are watching to see what you do next?
Sustainability is at a tipping point – now is the time for both investment and adoption. I’m excited to be part of that.
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