The Venture Codex

Participated · Equity · Jan 2022

Lineage Logistics operates a global network of temperature-controlled warehouses and provides end-to-end logistics solutions for food and other temperature-sensitive supply chains. It is described as the world's largest temperature-controlled industrial REIT, with over 400 facilities totaling more than 2 billion cubic feet of capacity across 20 countries in North America, Europe, and Asia-Pacific. Lineage emphasizes development and deployment of technology and an unrivaled real estate network to increase distribution efficiency, advance sustainability, and minimize supply-chain waste. The company plans to complete a global pipeline of more than 20 in-flight greenfield and expansion projects totaling over $1.25 billion, including two new fully automated U.S. superhub projects in Southern California and the Northeastern U.S. Those projects represent over 700,000 new pallet positions and a 7% increase in global capacity, and Lineage is also targeting a more than 50% increase in on-site solar installations in the coming year. Financially, the company has raised over $700 million in new equity in this latest round, following a $1.7 billion raise in January 2022 and bringing total equity raised since January 2020 to $6.7 billion. Lineage Logistics is the world’s largest temperature-controlled industrial REIT and logistics solutions provider, offering end-to-end supply chain and cold-storage services. It operates a global network of over 400 strategically located facilities totaling more than 2 billion cubic feet across 19 countries in North America, Europe and Asia-Pacific. Lineage deploys proprietary software and automation to improve distribution efficiency, advance sustainability, and reduce supply chain waste. The company plans to use new capital to strengthen its balance sheet and invest in industry-leading technology, including automation and proprietary software tools, as well as clean energy initiatives. It will also fund growth through greenfield developments and facility expansions to create additional capacity for customers. Financially, Lineage announced $1.7 billion in new equity in this round, following a $1.9 billion raise in March 2021 and bringing total equity raised since January 2020 to $6 billion. Lineage Logistics operates a global network of temperature-controlled warehouses and logistics services, offering end-to-end solutions that promote food safety and reduce supply-chain waste. The company combines a large real estate footprint with technology — it employs data scientists, holds 13 patents, and recently launched Lineage Link, a fully integrated customer experience platform. Lineage serves customers from Fortune 500 firms to small businesses and has grown to more than 340 facilities with over 2.1 billion cubic feet of capacity across 15 countries. A portion of its recent capital will fund algorithmic programming, automation, and other disruptive technologies to build the temperature-controlled warehouse of the future. Lineage also plans greenfield development, facility expansions, and continued acquisitions to expand its global footprint. Lineage Logistics operates a global network of temperature-controlled warehouses and provides end-to-end logistics solutions that combine real estate, technology, and logistics services to promote food safety and reduce supply-chain waste. The company emphasizes technology and automation, including the development of advanced fully automated warehouses designed to reduce environmental intensity and increase capacity. Lineage serves more than 5,000 customers across over 320 facilities and has expanded its cubic feet capacity to 1.9 billion, growing cubic feet by 60% annually since 2008. Since its founding in 2008, the company has pursued rapid expansion through acquisitions and greenfield developments, announcing 16 acquisitions and 15 expansions/greenfield projects in 2020. Lineage highlights sustainability and efficiency as core outcomes of its platform while targeting continued global footprint growth and operational innovation.

Participated · Series B · Jun 2018

Honest Buildings offers a project management platform designed for real estate owners to manage capital and construction projects. The platform is used by global, national and local owners including Brookfield, Oxford Properties, First Capital Realty, The Durst Organization, Beacon Capital Partners, Invesco, SL Green, Silverstein Properties, JBG Smith, and others. The company plans to use new funding to invest in product, engineering, design and customer success teams, and to expand the platform’s scope of functionality. Management intends to double staff in the next year. Honest Buildings is led by Co‑Founder and CEO Riggs Kubiak and is based in New York City. To date the company has raised $48M. Honest Buildings is a project-management platform built for and backed by real estate owners. The platform serves owners including Brookfield, Oxford Properties, Beacon Capital Partners, Invesco, SL Green, The Durst Organization, Silverstein Properties, JBG Smith, Harvest Properties, Parkway Properties, and Rudin Management. Led by founder and CEO Riggs Kubiak and based in New York City, the company provides project management tools tailored to real estate owners. It raised an additional $3.5M in Series B funding, bringing the Series B to $25M and total investment to date to $43M. Honest Buildings intends to use the funds to expand across North America and beyond, grow its product and business development teams, and explore new partnerships and integrations. Honest Buildings offers a project management technology platform designed to help commercial real estate owners complete capital and construction projects on time and on budget. The platform is used by major owners and managers including Brookfield, Oxford Properties, Beacon Capital Partners, Invesco, SL Green, The Durst Organization, Silverstein Properties, JBG Smith, Harvest Properties, Parkway Properties and Rudin Management. The company is led by CEO Riggs Kubiak. In October 2017 Honest Buildings announced a $13M Series B, and in 2018 it raised an additional $8M, bringing the total Series B to $21M. The new capital is intended to support expansion across North America and into select international markets and to grow its product and business development teams. Michael Turner of Oxford Properties joined the Honest Buildings board in conjunction with the funding. Honest Buildings offers a project-management platform specifically for real estate owners and operators, centralizing project data, automating bid management, standardizing reporting, and increasing transparency. The product is used to manage capital and construction projects portfolio-wide to help owners deliver projects faster, reduce costs, and make data-driven decisions. Customers named in the article include Brookfield, Beacon Capital Partners, Invesco, JBG Smith, SL Green, Parkway Properties and Rudin Management. The company reports over $6 billion in projects have run through the platform and a 500% growth rate, with expansion to properties in every U.S. state and into Canada. Recent new users include The Durst Organization, Silverstein Properties, Harvest Properties, Divco West and Washington REIT. Honest Buildings emphasizes building its platform in partnership with real estate owners and continuing to scale adoption among large landlords. Honest Buildings operates a centralized online network that connects real estate owners and developers with their vendors. It provides a secure procurement and workflow platform built specifically for real estate owners, managers, and investors to automate project bidding and review, reduce project costs, and mitigate counterparty risk. The company has facilitated nearly $600 million of construction projects since its founding and counts clients including WeWork, Kushner Companies, Equinox, Benchmark Real Estate Group and Madison Realty Capital. Launched in 2012 and led by founder and CEO Riggs Kubiak, Honest Buildings is based in New York City. The company has raised more than $17 million in venture capital to date and recently closed a $5 million strategic A-2 financing.