New York-based commercial real estate startup Jones just announced the increase $ 12.5 million in Series A funding directed by JLL Spark and Khosla Ventures. Other investors named in the announcement were Camber Creek, Rudin Management, DivcoWest and Sage Realty.
The company is a market curator for pre-approved suppliers for tenants and property managers to locate and hire the right people who have already passed compliance. This new investment brings Jones’ total raised to $ 20 million. Jones aims to solve the problem of tenants of commercial buildings and property managers needing a liability waiver for their associated suppliers entering the premises.
Vendor approval documents typically take longer than ten days, confusing everyone involved. The network Jones built acts as a single source of truth for compliance data, accelerating the approval process and end-to-end accuracy. CEO and co-founder of Jones Omri stern had this to say via Jones’ press release:
“For too long, the commercial real estate industry has been held back by a cumbersome compliance process that focuses more on who can’t get into buildings than how to get the job done. We are excited to use this investment to accelerate our mission to make work easier while ensuring optimal compliance. We are proud to have earned the trust of our clients, who look to us as the risk and compliance gatekeeper for the commercial real estate industry.
Founded in 2017, Jones manages certifications and approvals and moves the process to the online environment. The company’s technology aims to cut supplier approval times from 12 days or more to just 2.5 days. A key value proposition is precision. Jones claims their system is 99.9% accuracy vs. around 30% using older manual methods. Omri Stern told TechCrunch:
“In the consumer world, an owner expects to go to a market, find a service, and hire it. Office managers and tenants cannot get their preferred suppliers through the approval process, so we want to provide them with a similar digital experience that they can consume and use in real estate.
Jones is already serving clients like Prologis, DivcoWest, Rudin Management, Sage Realty, and JLL. The TechCrunch report says the company intends to use the new funds for product development. The company processes thousands of compliance approvals every day in nearly one billion square feet of buildings. Jones is headquartered at New York and Tel Aviv.