Cove, a platform that modernizes property operations and experience for real estate owners and operators, announced a new funding round led by Nuveen Real Estate with participation from a fund managed by ORG Portfolio Management LLC, and O’Shaughnessy Ventures, among others. The new investors join an existing investor base that includes Blackstone Innovations Investments and Kastle Systems. With the combination of Nuveen and Blackstone, Cove now counts two of the five largest global investors of real estate as clients and investors. The latest funding comes after a year of significant revenue growth for Cove as clients look to reduce operating costs while also enhancing the customer experience.
Over the past year, Cove has partnered with Nuveen Real Estate to drive consistency of experience across its portfolio. “Nuveen has evaluated and tested many products in the market, and we’ve become convinced that Cove’s superior technology and exceptional team offer the winning solution,” said Nuveen Real Estate’s Global Head of Innovation & Proptech, Jeanne Casey. “Our investment demonstrates our conviction that Cove offers a best-in-class solution, capable of replacing disparate point solutions across large real estate portfolios like ours. We are committed to consolidating our systems, while simultaneously enhancing user experience and enabling continuous innovation across our assets.”
With Cove, landlords are able to replace multiple systems from different vendors — most commonly, a work order system, a tenant experience app, COI tracking and others — with a single platform that natively powers everything from unlocking doors to executing on work orders, preventive maintenance, and inspections. With this enhanced connectivity, owners, operators and tenants can leverage Cove’s technology to unlock the full potential of their physical space, gathering the key data needed to make informed decisions.
Cove’s ability to reduce spend and increase efficiency with a consolidated platform has helped drive Cove’s growth and adoption with large owners and operators.
“The market is looking for what’s next in order to operate more efficiently while enhancing the overall experience,” said Adam Segal, Cofounder and CEO of Cove. “With the support of preeminent real estate investors like Nuveen and Blackstone, we are able to innovate with forward-thinking partners, leveraging AI and broad integrations to empower operators to do their job more effectively with the end user always in mind.”
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