CREXi Raises $30M Series B for CRE Tech Platform
By Greg Cornfield January 28, 2020 3:45 pm
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CREXi, a digital marketplace and platform for buying, selling and leasing commercial real estate, announced a funding round this week worth $30 million.
The Series B commitment was led by Mitsubishi Estate Company, Industry Ventures, and Prudence Holdings. Existing investors Lerer Hippeau Ventures, and Jackson Square Ventures also contributed to the round. The latest financing brings the company’s total funding to $55 million, and will help grow CREXi’s core business of broker services
The company aims to simplify the technical processes of sales, leasing, and auctions for brokers, investors, buyers, and tenants. The platform provides market intelligence, analytics, and comparables to enhance access and enable deals to close more quickly. The firm’s mission is to “streamline and digitize every aspect of the [commercial real estate] industry.”
“The CRE industry is evolving, and market players, especially younger, digitally native generations are seeking out platforms that provide free and open access to information,” said Gavin Myers, general partner at Prudence Holdings, in an announcement. “CREXi directly addresses this market need, providing fair access to a range of CRE information.”
Los Angeles-based CREXi has grown to employ more than 125 people since CEO Mike DeGiorgio launched it in 2016. After its Series A funding in 2018, the company added more than 300,000 properties worth more than $1 trillion for sale or lease throughout the country to its platform, according to the firm.
The prop tech industry continues to grow throughout the country. Fifth Wall announced in July that it raised $503 million to invest in real estate technology companies. In November, New York City-based proptech firm, SquareFoot, raised $16 million in a Series B round led by DRW Venture Capital. And more recently, a California-based location data company called Placer.ai closed a $12 million Series A round last week.
