Jun 14, 2018
Reonomy, a commercial real estate analytics firm, said on Thursday it has raised $30 million from existing investors SoftBank Capital and Bain Capital Ventures in a round of funding led by SAP-affiliated Sapphire Ventures.
New York-based Reonomy has now raised $68.4 million since it was founded in 2013 and plans to use the new money to establish its platform as an industry leader, said Chief Executive Richard Sarkis.
Reonomy allows users to search U.S. commercial assets, including properties, ownership contacts, mortgages, property sales and other detailed data, the company said in a statement.
“The reason we were excited to partner with these guys and take on the capital now is we have a very clear product market fit,” Sarkis said in an interview.
“We’ve already had some conversations with folks at SAP, to say ‘Hey, how can this be helpful to your broader SAP network?’” he said, referring to Germany’s SAP SE (SAPG.DE).
SAP seeks a window on innovation from Sapphire Ventures, which was spun off in 2011 but is still affiliated, said Dave Hartwig, managing director of Sapphire Ventures.
“There was this very obvious product-market fit that happened about the middle of last year and turned into changing the trajectory of their business growth is what got us excited,” he said.
Reonomy has almost doubled its revenue year-to-date and plans to double its workforce of 45 people by the end of 2019, he said.
The company is exploring opening an office on the U.S. West Coast and possibly London.
Venture capital in recent years has plowed more than $2 billion into scores of property-focused startups known as “proptech” firms that are trying to tap growing reams of data in commercial real estate.
Reonomy raised funds in February from the family office of real estate mogul Barry Sternlicht, chairman of investment firm Starwood Capital Group and Starwood Property Trust Inc (STWD.N), a real estate investment trust and billionaire businessman John Catsimatidis, among others.
The reason we were excited to partner with these guys and take on the capital now is we have a very clear product market fit.
Richard Sarkis, chief executive of Reonomy