WegoWise Secures $3M in Funding from Boston Community Capital
Financing to drive utility analytics leader’s expansion to commercial real estate
BOSTON, May 14, 2013 /PRNewswire/ — WegoWise, a leading building performance analytics provider, has raised $3 million in financing from Boston Community Capital (BCC). The investment will power the expansion of WegoWise’s innovative utility data intelligence platform to the commercial real estate market, providing utility tracking and benchmarking solutions to commercial buildings. The financing round builds on a previous $1.9 million investment from Boston Community Capital and will also support WegoWise’s continued momentum in the multifamily and single family markets.
“WegoWise’s pioneering model is transforming how the real estate industry manages energy use,” said Elyse Cherry, CEO of Boston Community Capital. “By making it easier for building owners to seize impressive ROI from efficiency, WegoWise has emerged as a clear leader in the fast-growing utility management industry.”
WegoWise has developed the world’s largest database of multifamily building performance, including data on more than 13,200 buildings and more than 225 million square feet of building space across the nation. The company’s recently launched commercial platform enables commercial building professionals to quickly identify the least efficient buildings across large portfolios for targeted energy upgrades to generate immediate improvements to a property’s NOI. WegoWise recently announced a notable customer win with Liberty Property Trust, a $7B REIT that is rolling out WegoWise’s platform over 2.9M square feet of its commercial properties.
“WegoWise’s mission is to create a universal tool to improve the efficiency of the built environment,” said Andrew Chen, CEO of WegoWise. “Boston Community Capital has been an ideal partner in supporting our development of low-cost efficiency solutions for all types of properties – multifamily buildings, single family homes, and now commercial buildings as well.”
WegoWise has expanded at a 400 percent annual growth rate while partnering with large organizations including real estate management firms such as John M. Corcoran and Maloney Properties Inc., the U.S. Green Building Council and Mass Save, an initiative sponsored by Massachusetts’s investor-owned utilities to promote energy efficiency. WegoWise was recently named an Energy Innovation Pioneer by IHS CERAWEEK for its potential to transform the future of energy.
Boston Community Capital has invested over $860 million since 1985 to support organizations and businesses that benefit underserved communities.
WegoWise provides an industry-leading utility data intelligence platform for the building performance industry. Bridging big data and energy efficiency, WegoWise distills large aggregations of energy and water data into useful, actionable information for building owners, managers, energy auditors and building efficiency programs, enabling them to automatically track, understand and benchmark building performance, and make better efficiency investment decisions. WegoWise’s platform regularly identifies impressive opportunities for cost savings, as inefficient buildings typically pay four times the utility costs of efficient buildings. Learn more at wegowise.com.