Knotel to buy 42Floors amid blockchain push

Deal for office listing site has yet to close

New York /
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

arrow_forward_ios
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
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
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?
What will proptech look like in 2019 and beyond?
Procore CEO Tooey Courtemanche (Procore, Getty)
Procore acquiring construction management startup Levelset for $500M
Procore acquiring construction management startup Levelset for $500M
Gravity CEO Moshe Cohen and Related CEO Jeff Blau (Getty, Gravity)
Related partners with electric vehicle startup to bring charging stations to NYC
Related partners with electric vehicle startup to bring charging stations to NYC
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
Homebuying startup Ribbon to take on Midwest, West Coast markets
Homebuying startup Ribbon to take on Midwest, West Coast markets
Deconstruct Podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...