An investment group led by Bessemer Venture Partners and Fifth Wall Ventures has acquired a majority stake in WiredScore, the property connectivity ratings business.
The investment group also included minority participation from SterlingVC, Joshua Kushner, and other angel investors.
WiredScore was launched in 2013 when chief executive Arie Barendrecht and Jared Kushner founded the company in New York City. The deal completes Kushner’s formal divestment of the company following his role as an adviser until he assumed a position as a senior adviser to his father-in-law, US president Donald Trump.
WiredScore has developed a standard that evaluates and distinguishes buildings with top-tier technological infrastructure, known as Wired Certification. The Wired Certification is a standard which verifies that buildings have been independently evaluated and certified to provide the connectivity that businesses require to thrive.
Landmarks including The Empire State Building, Chicago’s Willis Tower, and The Shard in London, along with innovative development projects like Duo Tours in Paris and Hudson Yards in New York City have achieved Wired Certification.
“Buildings are no longer just a protection against elements: they are a nexus of connectivity. WiredScore is the industry standard, providing the most dynamic measure for that essential technological capacity,” said Brendan Wallace, chief executive and co-founder of Fifth Wall Ventures. “We’re excited to partner with their team to build a future where technology is seamlessly and more powerfully integrated into physical spaces.”
“Bessemer and Fifth Wall’s interest in WiredScore confirms the urgency of our mission to improve digital connectivity in offices and help businesses find the buildings that meet their needs. With Amazon recently prioritizing optimal connectivity requirements for their HQ2 location selection, and signing a lease at Brookfield Property’s Wired Certified Five Manhattan West project, the call of tenants for improved digital infrastructure is undeniable.
“Investors, developers and building owners who are here to compete are certainly taking note.” said WiredScore chief executive Arie Barendrecht. “Together with Bessemer and Fifth Wall, WiredScore will continue expansion into new markets to work with commercial real estate owners and developers to improve connectivity infrastructure in their assets.”
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
