New York's Reonomy nabs $3.7M in Series A funding to simplify commercial real estate property research
Commercial real estate (CRE) property research platform Reonomy has raised $3.7 million in its first round of funding. SoftBank was the lead investor in the financing, according to TechCrunch.
Existing investors Resolute Ventures, KEC, FinTech Collective, and High Peaks Venture Partners also contributed to the round. The New York-based firm will use the new capital for its mobile development, as well as the expansion of its market reach and workforce, the report detailed.
Reonomy offers an easier way for CRE lenders and investors to search the Internet for property data. This process usually takes weeks, but with Reonomy's analytics and catalog of data, the research time is done after a few clicks. In contrast to the conventional way of CRE research where there are only 2 or three comparison points, the company provides its clients with over 300,000 comparable properties, the report explained.
Reonomy's market-level research platform is a great help for investors and lenders in making quicker and wiser decisions regarding CRE transactions, TechCrunch reported.