CrediFi, a big-data company for the commercial real estate finance sector, raises $8M in funding led by Battery Ventures
CrediFi, a big-data company providing critical data and analytics for the commercial real estate (CRE) finance sector, has raised $8 million in funding led by Battery Ventures with additional funding from Carmel Ventures and OurCrowd, a crowdfunding platform. The company launches with institutional-grade data and analytics relating to over 10 billion square feet of property across the U.S. and $1 trillion in commercial real estate loans.
CrediFi solves the problem of lack of transparency in the CRE space, which contributed to the 2008 credit crisis, as many players in the sector had inadequate data about the properties underlying ultimately risky investments. To enable visibility of both opportunities and risks in the global CRE finance community, the company provides key loan, financial, property, and market information and asset analytics on both desktop and mobile platforms. Information available includes everything from detailed breakdowns of property loans, to specific building tenants and occupancy data, to amount of capital invested in particular properties, to legal and compliance data.
“Commercial real estate is awash on a sea of debt that is consistently being refinanced. Its financial markets are starving for data and analytics to enable smarter investing, lending and ongoing monitoring” said Ely Razin, CEO of CrediFi. “It’s not just knowing what your asset is doing – it’s what your competitor, your neighborhood, your market is up to as well. In this market, knowledge is a game changer.”
“Big data is transforming so many markets that it’s almost become a cliché—but if there ever was a market more ripe for data-based disruption, it’s the enormous and under-analyzed commercial real estate sector,” said Battery Ventures General Partner Scott Tobin, who has joined CrediFi’s board. “Right now, sector participants can access fragmented data about things like individual property details and lease information, but no one is offering this data in a single, integrated platform. CrediFi is stepping up to fill this void.”
CrediFi will use the funds to expand its customer-facing organization, while continuing its platform expansion, building out the largest collection of loans, property and tenant data, with risk scoring throughout.
The company’s cloud-based service is currently in use with several marquee institutions including premier asset holders, hedge funds, large scale institutional banks, and others.
CrediFi is a dual-headquartered company with offices in New York and Israel. CrediFi is intensely focused on the needs of the commercial real estate finance markets, including transparency, data and analytics intended to provide a holistic view of real estate investment opportunities. To fulfill this promise, CrediFi collects and constantly updates a broad and fully integrated dataset focused on properties, loans, lenders, and owners, with risk scoring rounding. The company’s founders include Ely Razin and Stax Development Corp.
Source: Credifi Press Release