Reonomy Secures $30 Million To Accelerate Data Revolution in Commercial Real Estate
Series C Funding Led by Sapphire Ventures
Reonomy, a leading provider of commercial real estate (CRE) data and analytics, today announced $30 million in Series C funding, led by Sapphire Ventures with participation from existing investors Bain Capital Ventures and Softbank Capital. Reonomy has now raised $68.4 million in funding to date, and has quickly established itself as one of the fastest-growing ventures in real estate technology.
The new funds will be used to fuel growth and adoption for Reonomy’s CRE data and analytics platform, which now includes data services and API feeds for enterprise customers in addition to subscription-based web applications and workflow tools. Reonomy’s powerful data engine provides unprecedented insight into the CRE landscape for a wide array of professionals, from brokers and lenders to occupiers and investors. Using Reonomy’s web application and data, users are transforming how they close deals and optimize their real estate footprint.
Today’s funding for Reonomy comes on the heels of $16 million raised earlier this year, as well as new data partnerships announced with nearly two dozen leading CRE firms and financial institutions, including Avison Young, Cushman Wakefield, Newmark Knight Frank and WeWork.
“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,” said Dave Hartwig, managing director of Sapphire Ventures. “Because CRE markets are so large, the data problem can be particularly tricky -- with layers of messy data -- and our diligence uncovered strong customer demand for more and better data delivered through clean APIs and applications. Reonomy delivers clean, useful information and data management capabilities as a foundation upon which customers can run their businesses. It’s a huge opportunity, and we are thrilled to partner with Reonomy on their journey.”
Reonomy operates the industry’s most comprehensive database with detailed information on nearly 50 million commercial properties, 80 million companies, 150 million unique ownership contacts, 8 million mortgages and 20 million property sales.
Through its web application, Reonomy gives users flexibility to search through all commercial assets in the United States to identify properties most aligned with their business strategy, paring down the data by over 300 filters including property type, size, sale amount, mortgage maturity date and ownership information. The software also provides workflow tools to manage prospecting and due diligence efforts.
Through its enterprise platform, Reonomy is changing the way companies structure and analyze real estate data. Via its entity resolution API, Reonomy helps firms unify and reconcile data, making it easier for them to drive timely analysis and actionable insights from proprietary and third-party data. Increasingly, firms are also integrating Reonomy data with their own data to identify and pursue the best opportunities.
“2018 is a tipping point for data in the CRE industry,” said Richard Sarkis, CEO and co-founder of Reonomy. “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. This new funding will help us deliver even more value to our growing customer and partner base, and we’re thrilled to add software veterans like Sapphire Ventures as we scale the business.”
For more information about Reonomy, click here to learn more about the platform or click here to analyze aggregate property sales and supply by state or city. Reonomy also shares valuable insights, trends, prospecting tips and user resources via its company blog.
About Sapphire Ventures
Sapphire Ventures is a venture capital firm focused on helping innovative technology companies become global category leaders. Leveraging nearly two decades of experience and an extensive global enterprise network, Sapphire Ventures invests capital, resources and expertise to enable its portfolio companies to scale rapidly. Whether entrepreneurs sell to businesses, consumers or both, Sapphire Ventures offers a powerful platform for business development and operational excellence to help them accelerate growth. With $2.5 billion under management via direct growth investments and early-stage fund investments, Sapphire Ventures is positioned to elevate companies to the global stage.
Reonomy enables lenders, brokers and investors to win more business, close more deals and make better and faster decisions. The company offers powerful analytics and a vast array of validated property- and market-level data, collected continuously and delivered via easy-to-use web-based software and data APIs. Founded in 2013, Reonomy is headquartered in New York. For more information, visit https://www.reonomy.com or follow us @Reonomy on Twitter.