Proptech Firm Reonomy Raises Another $30M, Taking Total Funding to $68M
In its second funding round of 2018, real estate technology startup Reonomy has raised $30 million from a group of investors led by Silicon Valley venture capital firm Sapphire Ventures and featuring existing backers Bain Capital Ventures and SoftBank Capital, the company announced today.
The Series C round takes Reonomy’s total funding raised to date to $68.4 million and comes four months after the proptech firm announced that it had sealed a separate $16 million funding round led by Bain Capital Ventures.
The five-year-old Flatiron District-based company said the new capital will be used to further grow and invest in Reonomy’s property data and analytics platform, which its real estate industry clients use to access information on nearly 50 million properties across the U.S.—as well as 150 million unique ownership contacts, roughly 80 million companies, 20 million property sales and 8 million mortgages.
“2018 is a tipping point for data in the [commercial real estate] industry,” Reonomy co-Founder and CEO Richard Sarkis said in a statement announcing the funding round. “We’re blown away with how quickly firms are embracing data—and how they’re using Reonomy to fuel greater intelligence, streamline workflows and create new business opportunities.”
Last month, the company announced new partnerships with industry giants WeWork, Cushman & Wakefield and Avison Young, who joined nearly two dozen commercial real estate firms and financial institutions that now utilize Reonomy’s data.
While those companies make up Reonomy’s “enterprise” customers—most of whom access its database via API feeds in a manner that Sarkis has compared to financial data giant Bloomberg LP’s Bloomberg Terminal—the proptech firm’s platform is also accessible via a web application allowing users to search through commercial real estate assets using more than 300 filters, including property type, size, sale amount, mortgage maturity date and ownership information.
“The revolution of data-driven decision-making is hitting commercial real estate just as it has other industries, and we believe Reonomy is leading the way,” David Hartwig, a managing director at Palo Alto, Calif.-based Sapphire Ventures, said in a statement.
Hartwig added that in the commercial real estate industry, “the data problem can be particularly tricky” given the “layers of messy data” that firms have to comb through, and said that Sapphire’s “diligence [on Reonomy] uncovered strong customer demand for more and better data delivered through clean APIs and applications.”