Commercial real estate data company Reonomy announced $16 million in new funding and a partnership with the advisory firm Newmark Knight Frank on Tuesday.
Reonomy began in 2013 and has since been developing a data engine that compiles data from billions of properties, companies, tenants, and owners and spits out property information and market trends in API feeds or their subscription-based web app to investors, brokers, and others.
The model has won over major industry leaders like Newmark Knight Frank, who decided to partner up with Reonomy to offer a simple, but innovative real estate data tool for their employees.
“We are looking to integrate several systems into a single interface to create a game-changing tool for our professionals,” said Raj Bhatti, chief technology officer at NKF.
“Reonomy is a core part of the sophisticated resource we are building. Our partnership with the firm is allowing us to make powerful data accessible to employees across our organization.”
Other companies also see the tools Reonomy offers as valuable assets. The latest round of funding was led by existing investors like Bain Capital Ventures, SoftBank, Lerer Hippeau, Primary Ventures, KEC, while also capturing new investors like MMC, Red Apple Group, and JAWS. Reonomy has raised $38.4 million to date.
“With this latest capital raise, we will continue to build out the proprietary technology platform that has enabled us to build a unique data asset over the past five years,” said Richard Sarkis, CEO and co-founder of Reonomy.
“2017 was a big inflection point for us, as we built on the initial success of our NYC platform by scaling it nationally, while also launching a suite of enterprise API products for our largest clients.”
With the new funding, the company is looking at improving its current data offerings, improving the user experience on its web tools, and finding more powerful analytics for better-informed business decisions.
Other leaders in the commercial real estate field have taken similar steps of partnering with data companies that provide more insight into the market.
Most recently, Cushman & Wakefiled partnered with startup Bowery Valuation, an app that creates a comprehensive database to automate and optimize the property appraisal process.
Bowery Valuation was a graduate of the cityʼs MetaProp accelerator program that helps start-ups get their foot in teh door on the real estate business.