CRE Data Startup Reonomy Raises $60M Series D Round
Reonomy, a commercial real estate data platform, closed a Series D round with $60 million in funding, the company announced.
The financing round was led by Georgian Partners, along with existing investor Sapphire Ventures, and new participants Wells Fargo Strategic Capital and Citi Ventures.
CEO and co-founder Rich Sarkis said the participation of the banking industry was indicative that their product has a wider application than they initially realized when they started out in 2013.
“We thought it was for brokerage companies, to normalize leasing data,” Sarkis said. “But then we started seeing companies coming inbound: banks, insurance companies, occupiers, retailers.”
The New York-based Reonomy provides a consumer-facing platform for commercial property intelligence, and an enterprise solution for companies that “weaponizes” their internal data.
In addition to accessing Reonomy’s data bank, Reonomy’s software can clean and normalize their own data, allowing companies to gain insight from previously fragmented, siloed and tangled data.
Reonomy will use the funding to further develop its machine learning and AI capabilities, Sarkis said. That will go towards building specific applications, such as automated valuation models and portfolio analysis tools, as well as expanding its predictive analysis offerings. The company will focus on their predictive capabilities in particular, because it will help provide indicators and insights in case of a downturn. “People are waiting for the other shoe to drop,” Sarkis said. “They want to see around the corner.”
The funding will also be used to expand into additional markets, and grow Reonomy’s team.
The new round brings the total Reonomy raised to $128 million, including a $30 million Series C that closed in 2018. Previous backers included Bain Capital Ventures and SoftBank Group.