The Real Deal New York

Office startup Convene raises $68M from likes of Brookfield, Durst

Series C round brings total funding to $119M
May 01, 2017 05:45PM

From left: Ryan Simonetti, Ric Clark, Douglas Durst and 101 Park Avenue

Convene, which manages common spaces and amenities for office landlords, raised $68 million in a Series C round led by Brookfield Property Partners, bringing its total venture funding to $119.2 million.

Durst Organization also invested in the round, along with Conversion Venture Capital, ArrowMark Partners and Elysium Capital Management.

Founded in 2009, Convene hopes to become to office space what hotel flags are to hospitality. “We are helping landlords run an office building like a full-service lifestyle hotel,” co-founder Ryan Simonetti told Fortune. “It’s the Starwood-ification of real estate.”

Brookfield led Convene’s $20 million Series B round last May.

The Real Deal’s “The Long View” column recently broke down how startups are trying to bring the hotel flag concept into the office market. WeWork, for example, recently signed a deal to lease an entire Manhattan location to IBM and is expanding its enterprise services division.  [Fortune]Konrad Putzier