A NYC office brokerage startup just raised $7M in a Series A round

Office brokerage startup SquareFoot raised $7 million in a Series A funding round, the company announced Wednesday.

Rosecliff Ventures led the round. Peak Partners, RRE Ventures, Primary Venture Partners, Armory Square Ventures and Entrepreneurs Roundtable Accelerator also chipped in.

Founded in 2012 by Aron Susman, JLL veteran Jonathan Wasserstrum and Boxer Property veteran Justin Lee, SquareFoot hopes to make the search for office space more transparent by combining traditional brokerage work with an online platform. Clients can browse for space, exchange documents or contact brokers online.

The brokerage, which has 10 agents, initially focused on representing tenants but is looking to represent more landlords as well, Wasserstrum said. It also plans to expand to more markets beyond New York City.

SquareFoot brokered around 100 leases last year, according to Wasserstrum, but is on track to increase that number this year with 40 leases recorded in the first quarter. Most deals are between 2,000 and 10,000 square feet.

In 2016, the company brokered mattress maker Casper’s 32,000-square-foot lease at 230 Park Avenue South. Its other past clients include Yale University, City Block and Roivant.