Funds will support team expansion, product innovation, and fuel rapid growth
LOS ANGELES, Jan. 24, 2020 /PRNewswire/ -- CREXi, the commercial real estate (CRE) industry's fastest-growing marketplace, data, and technology platform, today announced a $30 million Series B funding round led by Mitsubishi Estate Company ("MEC"), Industry Ventures, and Prudence Holdings. Existing investors Lerer Hippeau Ventures, and Jackson Square Ventures also joined this round.
"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. "CREXi directly addresses this market need, providing fair access to a range of CRE information. As CREXi continues to build out its stable of services, features, and functionality, we're thrilled to partner with them and support the company's continued momentum."
CREXi's mission is to fully support all aspects of the CRE industry for the benefit of CRE professionals, investors, principals, and tenants. The Series B funding will be used to support this mission, enabling CREXi to grow its core business of broker services across the sales, leasing, and auction functions, and fueling the refinement and expansion of buyer and tenant resources such as comparables and market intelligence.
"We are ecstatic to close this round of funding which will propel our growth and support our mission to streamline and digitize every aspect of the CRE industry," said Mike DeGiorgio, founder and CEO of CREXi. "MEC, Industry Ventures, and Prudence Holdings are powerhouse investors who share our vision of modernizing commercial real estate sales, lease, data and insights for the benefit of all parties involved."
CREXi simplifies the CRE process by integrating the sales and leasing marketplace with a suite of marketing, analytics, and deal management tools. This CRE ecosystem was designed to assist brokers, buyers, and tenants, eliminating tedious processes, enhancing access to properties, and enabling deals to close faster.
Since CREXi's Series A announcement in 2018, the company has added over 300,000 properties available for sale or lease while growing its user base to 6 million through increased added value to its free and paid platforms. The company's core business has seen consistent growth with services expanding to include data and analytics features, as well as elite marketing and auctions products to fully service all facets of the CRE industry.
This additional financing brings the company's total funding $55 million to date.
Commercial Real Estate Exchange, Inc. (CREXi) is the commercial real estate industry's fastest-growing marketplace and technology platform dedicated to supporting the CRE industry and its stakeholders. CREXi enables commercial real estate professionals to quickly streamline, manage, and grow their businesses using the industry's most advanced transaction management solution. Since launching in 2016, CREXi has quickly become the most active marketplace in the industry. With six million users, the platform has helped buyers, sellers, and brokers to transact business on over 300,000 commercial listings totaling more than $1trillion in property value. CREXi has grown to 125+ employees and is headquartered in Los Angeles, California. For more information on CREXi, visit www.crexi.com.
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