Knotel to buy 42Floors amid blockchain push

Deal for office listing site has yet to close

Jul.July 19, 2018 01:00 PM

Amol Sarva and Jason Freedman (Credit: LinkedIn)

Knotel agreed to buy the office listing site 42Floors, moving the flexible office company a step closer to launching its own, blockchain-based listing platform.

The acquisition has yet to close, TechCrunch reported.

Knotel’s co-founder Amol Sarva told TechCrunch that the idea behind the deal is to get “access to data and technology on over 10 billion square feet of office space, driving further liquidity to Knotel’s marketplace while also accelerating its plans for a blockchain platform.”

In late March, Sarva announced plans to build a crowdsourced office listing platform using blockchain technology, dubbed KnotelKoin. The idea is to let users share their own data about office spaces, use a ledger system to verify it and reward them with cryptocurrency tokens.

The firm’s core business is renting out furnished, managed office space to companies under flexible lease terms.  The company raised $70 million in a Series B funding round in April, valuing it at $500 million.

San Francisco-based 42Floors, founded in 2011 as part of an earlier wave of commercial real estate tech startups, raised $17.4 million from investors, according to Crunchbase. Its backers include Bessemer Venture Partners and Joshua Kushner’s Thrive Capital.[TechCrunch] —Konrad Putzier 

Related Articles

Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

Future City 2020

The best party story from Future City’s beach dinner

CEO Andrew Florance (Credit: CoStar via YouTube)

CoStar sees net income jump 32% in year marked by acquisitions

From left: Amy Brandt and Dennis Gilmore

First American to buy Docutech for $350M

NestApple head broker Nicole Fishman, president Stephen Kalifowitz, RentHop founder Lee Lin and RoomZoom founder Elien Becque

Broker-fee ban could boost some startups, doom others

House Canary CEO & co-founder Jeremy Sicklick (Credit: iStock)

Home-valuation startup closes $65M funding round