Lead Edge Capital Invests in All-In-One CRE Software Maker Cove

Washington, D.C.-based Cove, which builds commercial property management software, has announced a new investment from Lead Edge Capital, a growth equity firm in New York with offices in Santa Barbara, Calif. The company did not disclose the size of the investment. Cove’s previous backers include Nuveen Real Estate and Blackstone.

“Cove has grown rapidly by simplifying complex property operations in a way that’s both intuitive and impactful,” said Nimay Mehta, managing partner at Lead Edge. “We’re excited to leverage our investor network to support their continued momentum as they redefine what’s possible in system consolidation, operational efficiency and tenant experience. Cove’s alignment with the needs of owners, operators and tenants makes them a true partner to the commercial real estate industry.”

Cove’s “all-in-one” software platform simplifies operations for stakeholders across commercial real estate (CRE), eliminating the need for property managers, landlords and engineers to work with multiple software applications. The company claims its software drives efficiency, reduces costs and elevates the tenant experience. A wide range of properties, including office buildings, life science campuses, retail centers, industrial facilities, and medical offices, use Cove.

“Cove combines building operations and tenant experience into one seamless platform,” said Cove co-founder and CEO Adam Segal. “With the support of our investors, Cove will expand our product to further simplify how real estate is managed and experienced. Our top priority is to support and empower owners and operators to do their job more effectively.”

In a LinkedIn post, Segal — an alumnus of the Harvard Kennedy School and Northwestern University’s Kellogg School of Management — said Cove innovates alongside some of the best owners and operators in CRE.

“One consistent theme at Cove has been an incredible collection of people that care deeply about the success of our clients and want to be a partner — and not just a vendor — to solve problems and make their lives easier with an impactful tech stack. The people and mission have made all the difference on the journey,” he wrote.

Cove says it has built a strong, diverse and long-standing client base, such as Chicago’s Willis Tower, the “largest multi-tenant office building in the Western Hemisphere.” It also claims high retention rates in a time of major transformation across the commercial real estate industry characterized by hybrid work, changing tenant expectations and rising operating costs.

Lead Edge, which has offices in New York, London and Santa Barbara, Calif., has invested in some of the biggest companies including Alibaba Group, Asana, Azul Systems, Bazaarvoice, Duo Security and Grafana. Its real estate portfolio includes ButterflyMX, Compass and Knock.