EvoNexus graduate TenantBase, a technology-enabled commercial brokerage firm, has announced the raise of an oversubscribed $10.7 million funding round to simplify the process of finding and leasing office space for small to mid-size businesses.
TenantBase relocated from Tennessee in 2015 to join Southern California’s premier technology incubator, EvoNexus, at their Irvine location for 1.5 years. While they were in incubation, EvoNexus assisted TenantBase during their early stages by providing value to the company’s initial platform development, business model viability, and early customer traction. During their stay, EvoNexus made introductions to key investors and board members who accelerated the close of their seed financing. EvoNexus assigned Greg Hawkins, the former chief executive of Buy.com, as their first official mentor and he eventually took a more hands on approach to become TenantBase’s Executive Chairman. Additionally, through EvoNexus, TenantBase was introduced to Stath Karras (longtime CEO of San Diego’s iconic real estate company, Burnham Real Estate Services), who also became a board member, and later, an investor. All of this allowed TenantBase to bridge the vital gap between the tenant rep brokerage community and property owners/small tenants.
Rory Moore, Co-Founder and CEO of EvoNexus, explains, “TenantBase was admitted to EvoNexus Irvine despite concerns that they could be disrupting the well-established ecosystem between current tenant rep brokerage firms and landlords. TenantBase skillfully found a way to navigate that and provide a service that would benefit both the brokerage firms and landlords. It was a smart move for Bennett (TenantBase CEO) to take the plunge to build out his team and perfect his platform in Orange County. We tip our caps to him for closing on this latest financing and are proud to be a part of the company’s early success.”
EvoNexus is Southern California’s leading startup technology incubator and hub for the startup community with locations in San Diego and Irvine. We empower motivated entrepreneurs to turn their transformative ideas into fundable, commercially-viable companies. Its startups enjoy Class A office and lab space provided by California’s leading real estate developer, Irvine Company. EvoNexus is financially and strategically supported by some of the largest multinational corporations in the world. In just over 7 years, EvoNexus portfolio companies have raised over $1.4 billion in funding and outcomes and 22 startups have been acquired.
For more information: TenantBase press release