Venture Capital

VergeSense Lands $60 Million Series C

SAN FRANCISCO — VergeSense, operator of a workplace analytics platform, has raised $60 million in Series C funding, led by Scale Venture Partners with participation from DivcoWest and existing investors Tola Capital, JLL Spark, MetaProp, Allegion Ventures and Bolt.

The new funding will help the company accelerate platform innovation and growth as the market increasingly requires data and insights to drive necessary workplace transformation. Rory O’Driscoll, a Partner at Scale Venture Partners, will join the company’s board of advisors.

With 74% of enterprise companies returning to the office adopting a hybrid work model, business leaders are looking for new ways to maximize office space investments that foster employee productivity, culture and collaboration. Driven by this market need, VergeSense will use the funding to further invest in its spatial data capabilities, platform development and application ecosystem to be the transformational partner enterprises need.

VergeSense’s customers represent over 40 million square feet across 29 countries and include 26 of the Fortune 500. The company reports a 400% increase in annual recurring revenue (ARR) from Q2 2020 to Q2 2021 – over half of which stems from customer expansion. VergeSense partners with the leading workplace technologies and plans to expand its strategic partnerships. The company also is on track to double its headcount by the end of 2022.

Rory O’Driscollpartner, Scale Venture Partners, said: “The workplace has been irreversibly transformed in the last 18 months and the market needs a leader who provides a data-driven approach to help companies navigate these rapid changes. We believe that VergeSense is this leader. VergeSense’s comprehensive solution provides enterprise workplace executives with AI-powered insight beyond what the eye can see and their top decile growth rate is evidence that the market is responding.”

Richard Bettina, senior director of leasing, Fresenius, said: “VergeSense helped us rapidly determine our utilization levels at our headquarters location. This activity, and the data driven benefits of the VergeSense platform, enabled Fresenius to launch a program to study our overall portfolio as needed, to drive significant cost savings while making fact based choices to improve our employee workplace experience and optimize our real estate investments.”

Dan Ryan, CEO and co-founder, VergeSense, said: “The workplace has an increasingly important role to play in helping businesses create a competitive advantage by using it to drive culture, collaboration, innovation and overall impact. This funding will enable VergeSense to drive even greater outcomes for our customers as they undergo workplace transformation.”