Band Venture Partners Canada LP’s Investment in Active Design Advisors, Inc.

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Written By Marcos Reynaga

Fitwel is pleased to announce Band Venture Partners Canada LP's (Band) and Triovest's recent investment in Active Design Advisors, Inc. (“Adai”), the operator of Fitwel. The investment aligns with Band’s PropTech strategy, which it executes on behalf of Triovest Inc. (“Triovest”), a vertically integrated commercial real estate investment, development, and property management firm headquartered in Toronto, Canada. The investment marks another milestone in Triovest’s digitization journey and Fitwel's expansion as a data-driven technology platform for the real estate industry.

“This investment demonstrates our commitment to innovation best practices by leveraging corporate venture capital to accelerate core business strategies, such as digitization. We look forward to continuing to work with Band as we evaluate future investments that deliver value to our operations and deliver market-leading intelligence and real estate expertise to our valued clients and tenants,” said Ted Willcocks, President and CEO of Triovest.

“As a Fitwel Champion, Triovest knows firsthand the value of leveraging evidence-based strategies and tools to promote healthy building environments and was excited by the opportunity to deepen its relationship with Adai to inform future program development and make a positive impact on our respective communities,” added Ali Hoss, CSO at Triovest.

Triovest is the latest real estate industry leader to invest in Adai, joining RET Ventures, Kilroy Realty Corp., and QuadReal Property Group. Since announcing its first capital raise in October 2022, Adai has undergone a period of foundational growth and will use the investment to further accelerate Fitwel’s technology infrastructure for ease of use at an enterprise scale and increase its ability to generate benchmark data to underpin operational value creation — solidifying health promotion interventions as best practices across the real estate sector.

As stakeholders increasingly recognize the health and wellbeing of building occupants as a business imperative, they are turning to tools to benchmark and validate data to quantify the value that healthy building strategies are delivering to their properties.

Joanna Frank
President and CEO, Adai

“We are thrilled to have Band and Triovest join as strategic partners as we continue to set the industry standard for excellence in building health.,” says Joanna Frank, President and CEO, Adai. “With this investment, we’ll continue to advance Fitwel’s suite of product offerings and data insights tools in order to add meaningful value to our global community of users.”

The Fitwel Standard, created by the U.S. Center for Disease Control and Prevention (CDC) and the General Services Administration (GSA), translates the global public health evidence base into practical design and operational strategies, providing guidelines to be used at the building, community, portfolio, and entity levels. The people-focused platform, which is the only healthy building platform to combine benchmarking, certification, and strategies for environmental, social and governance (ESG) reporting, will be further developed to provide more granular benchmarking capabilities.

“As stakeholders increasingly recognize the health and wellbeing of building occupants as a business imperative, they are turning to tools to benchmark and validate data to quantify the value that healthy building strategies are delivering to their properties,” says Joanna Frank, President and CEO, Adai. “To future-proof assets, all aspects of the real estate industry will include data-driven decision-making and a focus on individual as well as societal health; Fitwel is thrilled to use this investment to augment our suite of products that meet these opportunities for the industry.”

Adai’s mission is to transform the real estate industry through its leadership of the healthy building movement. This was accelerated by the coronavirus pandemic, which served as a reminder that health is what it always has been: a risk. The past year demonstrated that the demand for healthy buildings from investors and individuals is here to stay. Prioritizing health is no longer a reactive market trend, but an established business imperative that is both a risk and opportunity for real estate.

About Active Design Advisors
Active Design Advisors, Inc., with its shortened acronym Adai, pronounced "a-DAY," is a business unit designed to help grow and drive the implementation of Fitwel. Affiliated with the Center for Active Design (CfAD), Adai is responsible for promoting and administering the Fitwel certification as it expands across key markets, as well as maintaining Fitwel's best-in-class customer service.

About Fitwel
Fitwel is the world’s leading certification system committed to building health for all. Generated by expert analysis of 7,000+ academic research studies, Fitwel is implementing a vision for a healthier future where all buildings and communities are enhanced to strengthen health and well-being. Fitwel was originally created by the U.S. Centers for Disease Control and Prevention (CDC) and U.S. General Services Administration. The CDC remains the research and evaluation partner for Fitwel. The Center for Active Design (CfAD), a global not-for-profit organization, maintains the Fitwel standard and conducts objective third-party assessments that lead to certified projects. CfAD’s new business unit, Adai (pronounced “a-DAY”), is charged with expanding Fitwel to the global market, administering the program while providing best-in-class customer service and technical support. To learn more about Fitwel, please visit: www.fitwel.org

About Triovest
A leader in Canadian institutional real estate, Triovest creates sustainable places that enhance communities and enrich relationships. Triovest’s platform offers a full spectrum of commercial real estate services for over $14 billion of assets under management and $3 billion in development. As a Fitwel Champion, Triovest will offer leading design and operational strategies to support the health and well-being of the people who occupy and visit its owned and managed properties. To learn more about Triovest, please visit: www.triovest.com

About Band Venture Partners Canada LP
Our team is purpose-driven financially aligned to enable growth through innovation. We are driven by a belief that business is good because it powers a prosperous society. Band’s unique VCaaS model aligns our interests to the strategic priorities of our Corporate & Entrepreneur Partners alike.

To learn more about Band, please visit: www.bandvc.ca

Editor’s note: article updated November 9, 2023, 1:00 PM ET. This article has been updated to reflect Band’s formal name change to Band Venture Partners Canada LP (formerly Band Capital Partners LP).

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