Real Estate News EXchange | WiredScore Commercial October 26, 2018
SPONSORED CONTENT: WiredScore, the company behind the international standard for rating Internet connectivity in commercial buildings, has made major strides since it launched with Toronto as its first Canadian flagship market in October 2017.
WiredScore announced an $11.6-million Series A capital raise from leading commercial real estate investors — including KingSett Capital, Legal & General, U+I, Town Centre Securities, MOMENI Digital Ventures and Savitt Partners — last week. The investment group has been supported by a recommitment from WiredScore’s existing investors: Bessemer Venture Partners, Fifth Wall and Sterling.VC.
“We are pleased to further support WiredScore as a customer and an investor, as we are committed to delivering top of the line experiences for our tenant customers,” said KingSett chief executive officer Jon Love.
“We see how technology and connectivity impact our customers’ productivity and understand how critical it is to their success. As we set out to excel in these areas across all of our properties, we view WiredScore and their technical expertise as a partner whose contributions accelerate our advancements.”
KingSett was one of the first adopters of Wired Certification in Toronto. After achieving Platinum Wired Certification at Scotia Plaza, KingSett has since achieved Wired Certification for the majority of its Toronto office portfolio and was the first owner to bring Wired Certification to Ottawa.
“As businesses become more dependent on digital connectivity, we are seeing a shift in the landlord’s responsibility to deliver well-connected buildings,” said WiredScore founder and CEO Arie Barendrecht in an official statement.
“No longer does the solution to connectivity issues sit solely between a tenant and their Internet service provider. The reality is that the driving factor in powerful, reliable connectivity is the building infrastructure provided by landlords.”
The new investment will support WiredScore’s expansion, both geographically and vertically into new product and service areas, as the company continues to gain momentum in both Canada and internationally.
WiredScore’s Canadian expansion
The capital raise follows a year of domestic and global expansion for WiredScore that was driven by an influx of commercial real estate firms prioritizing investment in their digital connectivity strategies.
An enthusiastic reception from tech-forward commercial real estate owners and developers in Canada has played a large part in WiredScore’s growth over the past 12 months. One year on, the Canadian market has been extremely receptive to Wired Certification and WiredScore has expanded nationally with certified office properties in Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario and Quebec.
Low vacancy rates and a rise in tech-forward office development in Western Canada are now driving demand for Wired Certification in new markets, including Vancouver, Calgary and Edmonton.
PCI Group’s 565 Great Northern Way is the first development to achieve Platinum Wired Certification in Vancouver. PCI Group is also pursuing Wired Certification for 601 West Hastings in Vancouver and King George Hub (Phase B) in Surrey, B.C.
To compete with new office construction in Edmonton’s ICE District, Alberta Investment Management Corporation’s redevelopment of HSBC Bank Place will focus on implementing new technology and improving digital infrastructure to deliver a better tenant experience. Wired Certification signals to the market that smart investments in improving digital capacity and connectivity have been made, making a property constructed before the advent of the Internet competitive with new developments.
To date, more than 100 office buildings totalling more than 24 million square feet of space have been Wired Certified or are in the process of being Wired Certified across Canada. These include assets owned by Alberta Investment Management Corporation, Bentall Kennedy, Broccolini, Cadillac Fairview, Canderel, Carttera, Dream Office REIT, GWL Realty Advisors, Healthcare of Ontario Pension Plan, Hines, Hullmark, IAM Group, Ivanhoe Cambridge, KingSett, Manulife Real Estate, Menkes Developments, Morguard, NorthWest Healthcare Properties, PCI Group, QuadReal Property Group, Slate Office REIT, Triovest and Vanlux Development Inc.