Washington D.C. company cove has received $10 million in funding to expand its proptech software.
The company, which provides building management tools, plans to use the funding towards expanding its workforce as it pivots from coworking operator to mostly a proptech provider.
While cove’s technology has always been a core tenant of its business model, it started by testing out these tools at its own coworking spaces. Now, the company has just one location in Dupont Circle that also serves as its own office.
“We haven’t leased space for years,” said Adam Segal, CEO and cofounder of cove. “Over the past three years we’ve taken this same platform we literally built for ourselves as operators and started to license it to large commercial office owners.”
Cove offers software services for landlords, property managers, and tenants, allowing them to have access to all building-related needs within one platform.
Tenants can use these apps to access buildings without a key fob, book meeting rooms, order food, and more. Simultaneously, landlords and property managers can utilize this technology to organize billing, scheduling, and communicating directly with tenants.