What is COVID-19 doing in an office that looks like the world?
A startup is expected to help companies find out
Saltmine, which has developed a web-based workplace design platform, has raised $ 20 million in a Series A funding round.
The financing was led by existing backers Jungle Ventures and Explorer Capital, including the strategic investment arm of JLL Spark, commercial real estate brokerage JLL.
In particular, JLL is not only investing in Saltmine, but is also partnering with San Francisco-based startups to sell its service directly to its customers – opening a whole new revenue stream for the four-year-old company .
Saltmine claims that its cloud-based technology is for corporate real estate heads that Salesforce used to CRO in digitalizing and streamlining the office design process. According to the CEO and founder, it saw an 80% spike in ARR (annual recurring revenue), while doubling the number of companies working with it. Shagufta Anurag. Its more than 35 customers include PG&E, Snowflake, Fidelity, Blackrock, Nike And workdays, among others. Its mission, simply put, is to help companies “create the best possible workplace for their employees.”
Saltmine boasts a 95% customer retention rate and has seen 350% year over year growth in monthly active users of its SaaS platform in 2020. So far, SaltMine total over 50 million square feet of square footage of all office real estate designed and analyzed by clients in more than 500 projects.
Saltmine states that it provides companies with tools to perform tasks such as installing social distancing measures in the office. Its platform, the company says, includes all workplace data – including strategy, design, pricing and portfolio analytics in one place. It combines floor plans with project requirements with real-time behavioral data and analyzes them (through a combination of use sensors and employee feedback to identify companies’ design needs). In addition to the goal of improving the design process of the workplace, Saltmine claims to help companies “optimize their real estate portfolio”.
According to Anurag, the need for a digital transformation of how workspaces are designed and rearranged has dramatically increased.
“Due to the need for social distancing capabilities and greater emphasis on work-life balance in many office settings, some workers expect a full ‘normal return’,” he said. “Now real estate chiefs are under tremendous pressure to adapt and modify their workplaces.”
Once companies identify their new needs, Saltmine envisions the necessary changes to their assets using digital 3D rendering.
Singapore-based Anurag has previous experience in the design world, founded Space matrix, A large interior design firm in Asia, as well as Livespace, A digital home interior design company.
“I saw similar pain points and unequal needs in office real estate, which I did in the residential market,” she said. “Real estate is The second largest cost for companies and their biggest cost have a direct impact – their people. “
looking ahead, Saltmine plans to use its new capital to (naturally) continue to hire and acquire some clients – in particular, expanding its portfolio of Global 2000 companies.
salt mine There are approximately 125 employees in five offices across Asia, Europe and North America. It expects to have 170 employees by the end of the year and be profitable by the end of fiscal year 2021.
The company’s initial focus has been in North America, but is now expanding to APAC and Australia.
Yishai Lerner, co-CEO of JLL Technologies, said JLL Spark was designed for Saltmine’s vision of making data and analytics accessible in one place.
“He said that having a single source of truth for data facilitates collaboration in teams, which is important, for example, in field planning,” he told ClearTips. “It reduces inefficiencies and improves workflows in today’s fragmented design, construction and fit-out market.”
JLL Spark invests in companies that believe it can benefit from its distribution and network – so the firm’s agreement is to sell Saltmine’s software directly to its customers.
“As JLL continues to embrace the future of work to tenants and customers, they are seeking technology solutions that run their buildings efficiently and effectively,” Lerner said. “Saltmine’s platform checks all boxes by streamlining stakeholder collaboration, increasing transparency, and making data management easier.”