On Friday, Canadian real estate technology venture fund Greensoil PropTech Ventures (GSPV) announced that it has sold Goby, a Chicago-based data and invoice automation platform that helps buildings track, manage and report utility usage, to Utah-based utility manager Conservice. Price and other deal terms were not made public.
Goby is an environmental, social and governance (ESG) platform for the real estate and utility sector that serves a global client base. Data collected by its proprietary software allows building owners and operators to meet ESG-related goals and legal reporting requirements for energy usage.
Goby has been a GSPV portfolio company since 2015, when the fund led its first venture round with a $4 million investment through the Greensoil Building Innovation Fund (GBIF). Greensoil invested a total of $6 million in the fund with participation in later rounds in January 2017 and January 2021.
Utah-based Conservice is North America’s largest utility management service, paying more than $12 billion utility bills across more than 5 million locations, including multi- and single-family housing and residential communities, commercial properties and student housing.
“Greensoil PropTech Ventures congratulates Goby and Conservice,” said Jamie James, Managing Partner with GSPV and a Goby board member. “Goby has excelled, for over a decade, with a powerful platform that captures and distills multiple data sources into simple, contextualized dashboards, tasks and reports. Its no wonder Goby proved an attractive acquisition given its ability to help property owners and operators cost-effectively monitor, reduce and report their buildings’ energy usage.”
Greensoil’s sale of Goby to Conservice follows a deal earlier this week to sell 40 percent of its stake in construction technology firm Procore, which made its public market debut in May of this year at an $8.5 billion valuation. In March of this year, Greensoil launched its second proptech venture fund, Greensoil PropTech Ventures Fund II, a $100 million fund investing in early to mid-stage companies using transformative property technologies in the U.S. and Canada, Europe and Israel. The fund’s institutional backers include leading Canadian pension fund manager PSP Investments.
