Commercial real estate tenants and property managers must abide by the strict liability rules that any seller entering a property must have an insurance certificate and meet other requirements. Currently the approval process can take a few days and is still written on paper. Enter Jones. The New York-based commercial real estate startup is preparing a marketplace of pre-authorized vendors to find and hire the right people for the needs of tenants and property managers.
To continue the network’s growth, the company announced Monday that JLL, led by Spark and Khosla Ventures, has raised $12.5 million in Series A funds, including strategic investors Camber Creek, Rudin Management, Divost and Sage Realty. The new investment raised Jones a total of $20 million, according to Crunchbase data. Founded in 2017, Jones also removed the entire process online by managing certifications and approvals. Its technology can process an insurance certificate in less than an hour, reducing the overall vendor approval time from 2.5 days to 12 days – with 99.9% accuracy, said co-founder and CEO Omri Stern TechCrunch.
What is the part of accuracy? The current accuracy is about 30% as he takes on more work, he added. In addition, certificates are lengthy and are parsed through insurance documents on behalf of property managers to identify what is missing instead of spending time with tenants. “Consumers expect any homeowner in the world to go to the market to find a service and hire them,” Stern said. Can consume and use.”
He says Jose’s ‘competitor is different from all stakeholders: a group of high-profile real estate clients, including Lincoln Property Co., Prologis, Divowest, Rudin Management, Sage Realty and JLL. Jesse Larner, co-CEO of JLL Spark, agrees with TechCrunch that commercial real estate, like Fintech 20 years ago, is one of the largest and last asset classes going through a technological transformation.
He estimates the US market at $16 trillion, of which technology can unlock a lot of value. That opportunity was one of JLL’s drivers to create the JLL Spark where Jones was one of the first investments. Although Larner spent time with property management teams on the ground, he learned when his wife walked into the office that her vendors were not allowed on the building because the problem became closer because they did not have proper insurance.