The commercial real estate marketplace platform CREXi raised $30 million in Series B round of financing.
FREMONT, CA: The commercial real estate marketplace platform CREXi raised almost $30 million from investors in Series B round of financing. The online platform serves as an all-in-one digital toolkit for buying, selling, leasing, and investments. CREXi is mainly based out of LA as it is one of the most significant metro areas in the U.S. and is ideal for nurturing the upcoming talented real estate businesses.
Since its previous institutional round in 2018, the real estate company has added to its list, an additional 300,000 properties from all over the country, and more than 6 million customers. CREXi has raised a total of $30 million from a host of investors, including Mitsubishi Estate Company, Prudence Holdings, and Industry Ventures. The funding round also witnessed participation from previous financers Lerer Hippeau and Jackson Square Ventures.
The marketplace draws revenue from three primordial approaches, such as subscription service, auction service, and data and analytics services. The subscription service allows brokers to sell or lease properties. CREXi conducts an auction service and earns a fraction of the fee for every transaction. The data and analytics service will enable users to identify the latest trends in the real estate industry, get acquainted with the company’s wide variety of properties.
CREXi has channelled more than $700 billion through its platform to date, with more than 40 percent deal exclusive to the company. CREXi is renowned for being one of the very few marketplaces that can take a property from its marketing stage to closing a contract on it without the property having to stop its service.
By showing exponentially rising numbers of customers, CREXi has become an inevitable part of the elite ranked LA-based startups that are raising funding and reshaping the facets of real estate industry. The estimates account for more than 127 companies that have collectively raised more than $2.4 billion and are active in the industry. These companies range from provision of short-term commercial office space like Knotel to the availing of large areas for co-working providers like WeWork, along with other enterprises like Luxury Presence that focus mainly on serving in the real estate sector.