NEW YORK, NY, Reonomy, a leading provider of commercial real estate (CRE) data and analytics, today announced $16 million in new funding.
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The round was led by existing investor Bain Capital Ventures together with new strategic industry investors. The new funds will be used to fuel growth and adoption for Reonomy's expanded CRE data business, which now includes API feeds and data services for enterprise customers in addition to subscription-based web applications.
"Reonomy's dedication to providing superior data and analyses will help the commercial real estate industry harness machine learning and data science," said Alex Yarmolinsky, Managing Director at MMC Technology Ventures, a subsidiary of Marcus and Millichap Company. "Their tools empower commercial brokers everywhere to achieve their goals with greater efficiency, and we're excited to become an investor in Reonomy."
MMC joins new investors Red Apple Group and JAWS, the family office of Barry Sternlicht (chairman and CEO of Starwood Capital Group), in Reonomy's latest round. The round also includes venture debt from long-time Reonomy partner Silicon Valley Bank. Existing Reonomy investors include Bain Capital Ventures, SoftBank, Lerer Hippeau, Primary Ventures and KEC. To date, Reonomy has raised a total of $38.4 million.
"With this latest capital raise, we will continue to build out the proprietary technology platform that has enabled us to build a unique data asset over the past five years," said Richard Sarkis, CEO and co-founder of Reonomy. "2017 was a big inflection point for us, as we built on the initial success of our NYC platform by scaling it nationally, while also launching a suite of enterprise API products for our largest clients."
Among those using Reonomy's data APIs to build innovative systems is global commercial real estate advisory firm Newmark Knight Frank (NKF). "We are looking to integrate several systems into a single interface to create a game-changing tool for our professionals," said Raj Bhatti, chief technology officer at NKF. "Reonomy is a core part of the sophisticated resource we are building. Our partnership with the firm is allowing us to make powerful data accessible to employees across our organization."
Since 2013, Reonomy has been developing a data engine that ingests and analyzes billions of property, company, tenancy and ownership data points, so investors, brokers, lenders, appraisers and others can have immediate access to property-level information and asset and market trends in an elegant web dashboard or data API.
"Since our initial investment, we have watched the Reonomy team convert hundreds of companies and thousands of users into loyal subscribers," said Mike Krupka, managing director at Bain Capital Ventures. "Their ability to scale from a New York platform to a national platform, and now a suite of powerful enterprise solutions, is a testament to Rich's vision. Reonomy is quickly becoming a key player as the CRE industry shifts to data-powered services."
Reonomy will continue to invest in augmenting its data offering, improving the user experience on its web applications, and surfacing powerful analytics for faster and better business decisions. Click here for more detail on the company's products.
About Reonomy: Founded in 2013, Reonomy enables lenders, brokers and investors to win more business, close more deals and make better and faster decisions by combining comprehensive and validated data with powerful analytics. Through its proprietary analytics systems, Reonomy collects, analyzes and validates a vast array of property and market level data on a continuous basis and delivers this information in an easy-to-use web-based interface and data APIs. Reonomy is headquartered in New York. Additional information is available at www.reonomy.com or follow us @Reonomy on Twitter.
About Bain Capital Ventures: Bain Capital Ventures invests from seed- to growth-stage in fast-growing startups that leverage technology to disrupt existing markets or create entirely new ones. Our partners each have extensive operating experience and deep vertical expertise across a range of sectors, including infrastructure software, SaaS and data services, security, commerce, fintech, and healthcare. Since 1984, we've helped launch and commercialize more than 200 companies including select investments in Jet.com, DocuSign, SendGrid, AvidXchange, Kiva Systems, LinkedIn, InAuth, and SurveyMonkey. BCV has approximately $3 billion of assets under management and offices in the Bay Area, New York City and Boston. Follow BCV at @BainCapVC or visit www.baincapitalventures.com.
About Newmark Knight Frank: Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark"), is one of the world's leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices on six continents. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry. For further information, visit www.ngkf.com.
About MMC Technology Ventures: MMC Technology Ventures, formerly known as Marcus & Millichap Venture Partners, is a subsidiary of Marcus & Millichap Company (MMC). MMC was founded in 1971 and manages a variety of real estate companies serving the commercial, mixed-use, multi-family and single-family markets. For further information, visit www.mmctechventures.com.