Proptech Firm Truss To Be Absorbed Into Avison Young
A proptech startup that provides an online leasing marketplace for office tenants has joined one of the major brokerage firms.
Avison Young announced Tuesday it acquired the intellectual property and other select assets of Truss, a Chicago-based proptech company founded in 2016.
The brokerage firm did not acquire the full company, instead it will bring on two dozen Truss employees, including co-founder Bobby Goodman. Avison Young said it plans to expand the Truss platform to meet its clients' needs.
“What excites me is not just the leading technology we are getting here, but the deep talent that we’ve on-boarded," Avison Young CEO Mark Rose said in a release. "This team will accelerate all elements of Avison Young into the future, expanding the power of data and technology we bring to our teammates and our clients.”
Goodman, who previously worked as a leasing broker at Colliers and JLL, launched Truss to help smaller tenants that may not have third-party brokers find office space. The Chicago-based startup raised $8M in 2017 and $15M in 2019 as it expanded to new markets such as Dallas, Houston, D.C. and Boston. It also entered the industrial and retail sectors.
In addition to its online leasing marketplace, Truss offers virtual reality tours of office space. Goodman told Bisnow in April that Truss was experiencing an "explosion in demand" as the coronavirus pandemic forced companies to shift to virtual tours.
“As we considered Truss’ future and examined ways to scale globally, joining Avison Young was a natural next step," Goodman said in a release. "Our principles and vision for the industry are completely aligned."
