Proptech Firm Reonomy Announces Partnerships With WeWork, C&W and Avison Young
By Rey Mashayekhi May 1, 2018 7:00 am
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Less than three months after raising $16 million in its most recent funding round, real estate technology startup Reonomy has announced new data partnerships with coworking giant WeWork (WE) and major brokerages Cushman & Wakefield (CWK) and Avison Young.
The agreements will see the three commercial real estate firms utilize Reonomy’s online data platform, which features a wide array of data on more than 49 million properties in around 3,000 counties across the U.S., the proptech firm announced today.
Reonomy has nearly two dozen such “data partners,” including brokerages, tenants and investors, who use its data to assist their operations as well as to “better understand their own data and augment it,” it said in a release announcing the partnerships. Those partners, also known as “enterprise customers,” typically access the proptech firm’s database via API feeds that deliver data directly into those clients’ own systems (whereas other, smaller-scale users typically utilize Reonomy’s subscription-based software applications).
“Reonomy data allows us to make quicker and more informed decisions backed by a wealth of historically untapped data,” James Nelson, a principal and head of tri-state investment sales for Avison Young, said in the release.
Nelson described Reonomy’s services as “unique within commercial real estate,” while David Fano, WeWork’s chief growth officer, described the proptech firm as “a strategic and valued partner to our growth and real estate teams.”
“Data is at the heart of how we conceptualize, analyze and develop our locations,” Fano said of the coworking firm’s use of Reonomy data. “From providing WeWork with leading industry intelligence to powering database efficiency, Reonomy’s enterprise products play an instrumental role in our data initiatives.”
A Cushman & Wakefield spokesman declined to comment.
The partnerships come nearly three months after Flatiron District-based Reonomy announced a $16 million funding round led by Bain Capital Ventures, which took the total capital raised by the company since its 2013 founding to more than $38 million.
The firm’s fundraising success has helped it branch out from its home New York City market—it expanded its platform nationally last year—and invest in technology like its enterprise API feeds, which Reonomy co-Founder and CEO Richard Sarkis has compared to financial data giant Bloomberg LP’s Bloomberg Terminal market data stream.
Reonomy’s platform contains property data on everything ranging from owner information and transaction history to zoning and tax data, and Sarkis said the firm’s enterprise clientele can use that information to bolster their existing property databases as well as cross-reference proprietary and third-party data.
“For years, sophisticated [commercial real estate] firms have been trying to cleanse their data and stitch together property details across multiple data schema,” Sarkis said in the release. Reonomy’s enterprise API service, he added, “streamlines that process for them and sets them up with an enterprise-wide solution to improve CRE data management.”
