Measurabl CEO’s Annual Note: 2019
Dear Friends, while 2018 was full of milestones, what I'm most excited to share is where I believe the real estate market's adoption of ESG is heading in 2019 and what role Measurabl may play in that evolution.
I believe the market is heading towards a convergence. It's one where ESG indicators are held in comparable esteem to traditional financial metrics. As this new market reality takes hold, every real estate transaction – from investment to lending, appraisal to insurance, leasing to renovation – will require easy access to accurate ESG indicators. Measurabl remains laser-focused on building the digital infrastructure to enable this market transformation.
Every real estate transaction will rely on ESG data to some extent. Measurabl's role is to make that data available and accurate.
There's two things holding back convergence. Here's what they are and what Measurabl is doing to tackle them:
- ESG data quality is marginal. To change that, Measurabl has partnered with GRESB on a data quality initiative with the goal of creating more consistent, transparent rules for ESG reporting. The result should be reduced complexity and confusion, lower costs, and increased relevance, utility, and acceptance of reported results. Concurrently, Measurabl is enhancing its data quality features and continues working with partners like BRE and USGBC on data quality tools. We'll also shortly announce a new partnership with a global financial ratings agency as part of our effort to rally more organizations to the cause and press this important work forward.
- Digital infrastructure for real estate is immature or nonexistent. Unlike the U.S. (ENERGY STAR) and Australia (NABERS), most countries lack a public energy or sustainability data management platform for commercial real estate. There is no connection between what systems do exist. As a result, the industry is without a truly global, user friendly, or sufficiently integrated platform. Measurabl is determined to fill the gap. We started by removing the cost barrier - offering free tools so any building, regardless of size, type, or complexity could manage ESG basics. The second step was to "localize" features under our paid plans so even the most complex ownership could manage ESG seamlessly across the globe. With cost and geographic barriers gone, we now turn to systems connectivity. Our vision is that owners of ESG data must be able to easily and securely share it with their counterparties if they are to gain competitive advantage from ESG. That means sharing data with underwriters in order to issue green bonds, loan servicers to conform with debt covenants, regulators to comply with the law, or other data systems for proper portfolio accounting. The task of integrating this ecosystem is enormous, but significant progress has already been made. Examples include our ENERGY STAR, GRESB, USGBC, and BRE integrations. In 2019 Measurabl will go much farther. Later this month we will announce a series of consequential partnerships that directly tackle each of the above verticals.
For the first time, in excess of 1 billion of the nearly 7 billion square feet subscribed to Measurabl comes from outside the U.S.
To support and accelerate this market transformation, and our role providing the digital infrastructure underpinning it, Measurabl ended 2018 much as it began: by raising capital. I am pleased to share we closed a Series B round in December, fewer than 10 months after raising our Series A. The use of funds remains as described in my 2018 letter and includes continued expansion of our North American and EMEA teams, entrance into APAC, large investment into our partner program, and product R&D. I look forward to sharing more details on the round in this month's public announcement.
None of this would be possible if not for our extraordinary partners and clients.
To the teams at ENERGY STAR, GRESB, ULI Greenprint, CDP, USGBC, BRE, VTS, MRI Software, Waste Management, Lyft, Urjanet, 2030 Districts, Cleantech San Diego, and San Diego Venture Group – thank you for your tremendous support and gracious assistance.
To our clients, there is no extension of gratitude that would do justice but... Special thanks are due to the members of our Product Advisory Committee. Our business and the platform all other subscribers use would not be possible without your enthusiastic support and expert insight.
The sustained momentum of 2018 gives me confidence our mission is on track and vision achievable. By continuing to listen to your feedback we will be able to help you measure what matters ever more accurately in 2019.
Founder & CEO, Measurabl
Measurabl empowers any company, regardless of size or type, to achieve sustainability using software to measure, manage, and act upon data. Our online software that lets you quickly and accurately file sustainability reports such as GRESB, CDP and GRI. Learn more, or get started with a free trial.