Managed by Q ends 2018 with a fresh $25 million in funding
Managed by Q, the office management platform that launched back in 2013, has today revealed that it raised an additional $25 million as a part of its Series C, led by existing investors RRE and Google Ventures, with participation from new investors DivCo West, Oxford Properties and others. The fresh capital brings the total round to $55 million.
Managed by Q launched as an all-encompassing platform for office management, offering IT support, supply inventory management, cleaning and equipment repair. Since, the company has added a full-fledged marketplace, allowing office managers to choose vendors for various needs around the office.
But for 2019, the company is focused on tools and services.
“We want to spend 2019 putting even greater focus on the tools used by our vendors and workplace management teams, like task management tools,” said co-founder and CEO Dan Teran . “We want to build the first set of collaboration tools for the workplace team, the same way that designers use InVision and engineers use GitHub and salespeople use Salesforce. Something purposely built for the workplace team.”
Teran described tools that would allow for employee requests, work orders, task management, inventory management and budgeting to all live on the same platform.
The company hasn’t shared much by way of revenue or customer growth, but Teran told TechCrunch that the marketplace business has been doubling since it launched and is on track to continue on that trajectory. He also wrote in a company blog post that Managed by Q’s top five vendor partners have done more than $1 million in business on the Managed by Q platform, and more than 30 partners will have earned over $100,000 on the platform in 2018.
The NY-based startup also brokered a partnership with Staples to provide office supplies to clients, and acquired Hivy and NVS to further fill out their office management suite of products.
Managed by Q has raised a total of $128.25 million, according to Crunchbase.
