Israeli-founded property tech startup Jones announced on Thursday that it raised $4.6 million in a funding round led by UK-based Hetz Ventures, with participation from co-working space company WeWork and JLL Spark, a division of the US commercial real estate services firm JLL (Jones Lang LaSalle).
Additional participation in the round came from New York-based MetaProp Ventures, US-Israeli firm Ground Up Ventures and the California-based 500 Startups.
This brings the company’s total capital raised to $8 million to date. Founded in 2016 by Omri Stern and Michael Rodman, the NY-based Jones provides a software-as-a-service (SaaS) solution helping commercial real estate companies tackle insurance certificates by automating and simplifying each aspect of the workflow from facility management to construction.
Jones said it aims to use the funds raised to accelerate the adoption of its compliance network for commercial real estate owners, managers, and developers.
“We believe the on-demand economy is coming to commercial real estate, and that means insurance workflows need to be rebuilt for simplicity,” said Stern in a statement. “Real estate managers, tenants and vendors deserve an effortless and transparent experience when completing the insurance approval process. Jones is building the compliance network where every transaction is like ordering an Uber.”
“Jones is transforming the way our teams operate on a daily basis and has significantly reduced our liability exposure, freeing up valuable time so property managers can focus on operational excellence and an enhanced tenant experience,” said Nicole Hom, northern California regional manager at JLL.
“Jones’ growth, from our first two pilots together to now deploying across hundreds of JLL office and retail buildings, is a testament to their focus and ability to execute on this substantial market opportunity,” said Mihir Shah, co-CEO at JLL Technologies. “We’re thrilled to continue our partnership as they scale their platform to reduce the friction of insurance workflows for the real estate industry.”
Jones also has offices in Tel Aviv.