Real Estate Startup Gets $7M in Venture Funding
View the Space, the real estate startup that collects leasing data and creates virtual space tours, has secured a $7 million round of venture funding.
The funding, provided primarily by Trinity Ventures of Menlo Park, Calif., will allow View the Space to expand into new markets and build the next generation of the service, according to a report by The Wall Street Journal.
“We believe that real estate has been, like some industries, underpenetrated by information technology,” said Noel Fenton, a general partner at Trinity, in an interview with the Journal. “There is an opportunity there to help owners and brokers execute their job more efficiently through online facilities.”
Other backers in the company’s most recent round of funding include Thomas Byrne, a former executive at LoopNet; Greg Waldorf, former chief executive of eHarmony and board member of Trulia; and Ben Ling, formerly of Google, Facebook and YouTube.
View the Space counts SL Green, Boston Properties, TIAA-CREF and other prominent real estate industry players among its list of clients. The company had previously received $700,000 in seed funding in June of 2012, according to CrunchBase.
“We’re bordering profitability already,” Nick Romito, chief executive of View the Space, told the Journal. “That was a huge indicator to the investor world that we’re onto something already.”
View the Space currently operates in 14 U.S. markets and expects to expand to the top 20 national markets and abroad in the next two years, Mr. Romito noted.