Los Angeles-based Commercial Real Estate Exchange Inc (CREXi), the commercial real estate industry’s fastest-growing marketplace, data, and technology platform, has raised $30 million in its Series B funding round.
This additional financing brings the company’s total funding to $55 million to date with new investors include Mitsubishi Estate Company, Industry Ventures, and Prudence Holdings. Previous investors Lerer Hippeau Ventures and Jackson Square Ventures also participated in the financing.
CREXi is 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.
“As more distressed properties hit the market, the best way to sell them is through an online auction,” said Mike DeGiorgio, founder and CEO of CREXi.
Los Angeles is one of the most desirable locations for commercial real estate in the United States, so it’s little wonder that there’s something of a boom in investments in technology companies servicing the market coming from the region.
It’s one of the reasons that CREXi was able to establish a strong presence for its digital marketplace and toolkit for buyers, sellers, and investors.
Since the company raised its last institutional round in 2018, it has added more than 300,000 properties for sale or lease across the U.S. and increased its user base to 6 million customers, according to a statement.
“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.
So far, the company has seen $700 billion of transactions flow through the platform, and roughly 40% of those deals were exclusive to the company.#
