Jones, a real estate startup whose vendor network makes it easier for tenants and property managers to hire vendors, ensure compliance, and limit liability, announced it has raised a $12.5 million Series A led by JLL Spark and Khosla Ventures.
Strategic players including Camber Creek, Rudin Management, DivcoWest, and Sage Realty also joined the round.
Jones will deploy the funding to continue to bring procurement into the digital age with the industry’s network of vendors. Customers include some of the largest real estate firms in the United States, and include Lincoln Property Company, Prologis, DivcoWest, Rudin Management, Sage Realty, and JLL among others.
“For too long, the commercial real estate industry has been held back by a burdensome compliance process that’s more focused on who can’t come into buildings than on how to get work done,” said Jones CEO and co-founder Omri Stern.
“We’re excited to use this investment to accelerate our mission to make it easier to get work done while ensuring best-in-class compliance. We’re proud to have earned the trust of our clients, who turn to us as the risk and compliance gatekeeper for the commercial real estate industry.”
Jones was founded in 2017 to simplify risk and compliance for commercial property managers by leveraging software and artificial intelligence. Before Jones, the risk and compliance process had become a major roadblock to doing business due to the strict insurance requirements that every vendor and tenant entering a property must meet.
The network built by Jones acts as a single source of truth for compliance data, solving the approval process end-to-end. Jones also makes hiring easier, because its compliance data platform doubles as a trusted vendor marketplace.
The risk & compliance SaaS is an easy-to-use tool that reduces the time spent and errors made for property managers and tenants when it comes to vendor approvals. Rather than 12 days lead time for approval, Jones processes an insurance certificate in under one hour and achieves approval in 2.5 days, all with 99.9 percent accuracy.
“We get excited about innovation in the proptech industry that turns problems on their head — creating solutions while also creating new opportunities,” said Yishai Lerner, co-CEO, JLL Technologies. “That’s exactly what the Jones team has done by automating the insurance compliance process end-to-end, building a system of record that improves liability management and creating a never-before-seen marketplace for trusted vendors. We’re incredibly excited to continue working with Jones on their journey.”
Today, thousands of property managers depend on Jones to process tens of thousands of vendor and tenant certificates of insurance across nearly a billion square feet of real estate every day.
“We are proud to have been a partner with Jones for the past 18 months, and their vendor network is exactly the kind of solution our industry has been needing,” said Michael Rudin, Executive Vice President of Rudin Management. “While such solutions have existed in the consumer space, the particular dynamics of our industry have acted as barriers to innovation and efficiency. At the end of the day, our tenants just want to be able to get work done as easily and efficiently as possible, and we are excited to see Jones make that a reality.”