Company Profile: Floored

Background

Floored, Inc., established in 2012 and headquartered in New York City, specialized in creating interactive 3D graphics and technology solutions for the commercial real estate sector. The company's mission was to revolutionize property visualization and marketing through advanced technological innovations, thereby enhancing the way real estate professionals develop, market, and analyze properties.

Key Strategic Focus

Floored's strategic focus centered on delivering scalable, interactive 3D visualization tools tailored for the real estate industry. The company developed two primary Software as a Service (SaaS) products:

Protofit (rebranded as Floored Plans): This platform enabled users to visualize and edit floor plans in both 2D and 3D, including accurate external window views from each floor, facilitating real-time customization of space layouts.

Luma (rebranded as Floored Build): A high-quality, interactive 3D "walk-through" experience designed for new, unbuilt, and repositioned spaces, allowing stakeholders to visualize projects from concept through leasing and marketing efforts.

These products were utilized by prominent property owners such as Related, Equity Office, Hines, and Beacon Capital, underscoring Floored's significant impact on the commercial real estate market.

Financials and Funding

Floored secured a total of $6.4 million in funding over two rounds:

Series A Funding (December 2012): Raised $1.14 million to support initial product development and market entry.

Series A Funding (January 2014): Raised an undisclosed amount to further enhance product offerings and expand market reach.

Notable investors included RRE Ventures, Greycroft Partners, Lerer Ventures, Two Sigma Ventures, and Felicis Ventures.

Technological Platform and Innovation

Floored distinguished itself through proprietary technologies and innovative methodologies:

3D Data Capture and Visualization: Utilizing advanced 3D scanning technologies, Floored converted raw data into immersive virtual models, offering a cost-effective and rapid alternative to traditional high-end photography or manual computer renderings.

Interactive Graphics Engine: The company's custom web-based graphics engine powered bespoke, video game-like experiences for real estate projects, enhancing client engagement and decision-making processes.

Leadership Team

Floored's leadership comprised experienced professionals with diverse backgrounds:

David Eisenberg, Chief Executive Officer: Founded Floored in 2012 after roles at Bain, Bonobos, and TellApart. He led the company's strategic vision and growth initiatives.

Dustin Byrne, Chief Technology Officer: An MIT graduate with experience at Tririga, Zappos, and Bonobos, Byrne oversaw the development of Floored's technological platforms.

Judy He, Vice President of Engineering: With a background in biophysics from Brown University and experience at Knewton, Bonobos, and ThinkEco, He led engineering efforts at Floored.

Leadership Changes

In January 2017, following Floored's acquisition by CBRE Group, Inc., the leadership team transitioned into roles within CBRE:

David Eisenberg: Appointed Senior Vice President of Digital Enablement & Technology for CBRE's Advisory & Transaction Services.

Dustin Byrne and Judy He: Along with their team, they joined CBRE to continue developing innovative capabilities within the company's digital and technology divisions.

Competitor Profile

Market Insights and Dynamics

The real estate technology market has experienced significant growth, driven by the increasing demand for innovative solutions that enhance property visualization, marketing, and management. The integration of advanced technologies such as 3D modeling, virtual reality, and artificial intelligence has transformed traditional real estate practices, offering more immersive and efficient experiences for clients and stakeholders.

Competitor Analysis

Key competitors in the real estate technology space include:

InsideMaps: A venture capital-backed company based in Los Altos, CA, specializing in 3D data capture and visualization software for real estate applications.

Matterport: Known for its 3D scanning technology that creates immersive virtual tours of properties, widely used in residential and commercial real estate markets.

Zillow 3D Home: Offers 3D home tours to enhance online property listings, providing potential buyers with interactive viewing experiences.

Strategic Collaborations and Partnerships

Floored's acquisition by CBRE Group, Inc. in January 2017 marked a significant strategic collaboration, enabling the integration of Floored's advanced 3D visualization technologies into CBRE's comprehensive suite of real estate services. This partnership aimed to enhance CBRE's capabilities in property marketing and leasing, providing clients with innovative tools to visualize and customize spaces effectively.

Operational Insights

Floored's integration into CBRE's operations provided strategic advantages:

Enhanced Service Offerings: The incorporation of Floored's technologies allowed CBRE to offer clients advanced visualization tools, differentiating its services in a competitive market.

Innovation Capacity: The collaboration fostered a culture of innovation within CBRE, leveraging Floored's expertise to develop new digital solutions for the real estate industry.

Strategic Opportunities and Future Directions

Post-acquisition, the focus has been on:

Technology Integration: Seamlessly incorporating Floored's 3D visualization tools into CBRE's existing platforms to enhance client engagement and decision-making processes.

Product Development: Continuing to innovate and develop new technologies that address emerging needs in the real estate market, such as virtual reality tours and AI-driven analytics.