VENICE, Calif.--(BUSINESS WIRE)--Fyxt, a cloud-based operations platform for commercial real estate (CRE), today announced the completion of its Series A financing round. The $4 million round was led by leading proptech-focused venture capital firm RET Ventures, and included participation from UK-based family office Reuben Brothers.
Founded by Ryan Botwinick and Vidya Chokkalingam in 2017, Fyxt was built to bridge the disconnect between commercial asset owners, managers, tenants and service providers. The Fyxt platform provides a full suite of integrated software solutions specifically tailored to optimize the management of ‘essential assets’ across logistics/industrial, healthcare, retail, and other historically net-lease environments. Under net leases — in which tenants commit to the bulk of property upkeep and renovations — owners and property managers suffer from both a lack of visibility into building maintenance and frequent confusion about which party is responsible for specific repairs. The Fyxt platform, which was built from the bottom up around digitized lease contracts, streamlines operations for every stakeholder while integrating with accounting, data visualization, vendor compliance, and insurance software. Fyxt also offers a powerful expense management platform for NNN tenants as well as a marketplace of pre-approved vendors to simplify vendor procurement for property managers and tenants alike.
Although it has a strong application across all property types and lease structures, Fyxt is most commonly deployed among NNN industrial assets where it allows warehouse, retail, medical, and other NNN asset owners and operators to efficiently run true capital cost analyses and manage operations through the NNN lens.
“Just a few years after launching, Fyxt has already gained significant traction in the market because of the ease of use it provides to every stakeholder, including landlords, tenants and vendors,” said Christopher Yip, Partner at RET Ventures. “We are consistently hearing about the need for intelligent tools to optimize the operations of NNN properties, and Fyxt is one of the only technology products built specifically for this use. We expect Fyxt to continue to make monumental strides in the industry, streamlining operations, reducing costs and boosting NOIs for owners of NNN properties.”
Fyxt plans to utilize this capital to accelerate the roll-out of its best-in-class technology to NNN property owners across the country. The company will also focus on enhancing its technology stack, bolstering its offering of tech integrations and expanding the Fyxt vendor marketplace.
“As a result of macroeconomic shifts and the rise in e-commerce, NNN properties have become an increasingly popular asset class, and as more attention and capital flows into the sector, the difficulties surrounding owner- and tenant-aligned building operations have become increasingly clear,” said Fyxt CEO and founder Ryan Botwinick. “Especially as growing ESG demands are driving a need for greater transparency around building performance, more and more owners are turning to digital solutions to help manage their portfolios. Our team at Fyxt looks forward to leveraging this funding round to continue partnering with owners and managers of CRE and NNN properties, enabling them to address these complexities, help streamline operations and better serve their tenants.”
In the US, industrial NNN properties are on track to have a banner year in 2022. As supply chain volatility and online shopping continue to drive demand, industrial real estate is expected to grow by an average of 350 million square feet in each of the next five years, for a total of 1.8 billion square feet of new industrial properties, according to a report by Yardi Matrix.
“Reuben Brothers has supported Fyxt from inception. We understood, as landlords, the efficiencies that Ryan and his team are creating, and we are customers as well as investors ourselves,” said David Reuben Jr. “I am proud that the next part of this journey will be in partnership with RET ventures, a leading proptech venture capital firm, and I’m looking forward to a bright future for this exciting young company.”
Early investors in Fyxt include: KRV Capital, Inertia Ventures and Blackship Advisors.
Fyxt is a cloud-based mobile first operations platform that streamlines the management of NNN and other commercial real estate properties. The company provides property owners, asset managers, property management teams, tenants, and service providers with a powerful tool to work collaboratively on maintenance and property operations, increasing owners’ transparency into their portfolio and simplifying the process for tenants. For more information, please visit: https://fyxt.com
About RET Ventures
A leading real estate technology investment firm, RET Ventures is the first industry-backed early-stage venture fund to strategically focus on helping build cutting-edge “rent tech” — technology for multifamily and single-family rental real estate. RET’s base of Strategic Investors includes some of the largest REITs and private real estate owner-operators and managers, who control approximately 2.4 million rental units. Through its deep expertise and connections within the industry, RET has created a unique real estate innovation ecosystem that delivers significant value to the companies it backs, providing them with access to thought leaders, development partners, and ongoing guidance. For more information, please visit www.ret.vc.