Online commercial real estate marketplace CREXi — which serves as a digital toolkit of sorts for buyers, sellers and investors — has raised nearly $30 million from investors, according to reports. It has nestled its way into the Los Angeles area, one of the U.S.' biggest metro areas, and one that makes sense for breeding talented real estate businesses.
Since its last institutional round in 2018, the company has added more than 300,000 properties across the country, and more than 6 million customers. It has raised $30 million from a host of investors, including new ones like Mitsubishi Estate Company, Prudence Holdings and Industry Ventures. Lerer Hippeau and Jackson Square Ventures, which previously financed CREXi, were also present in the funding.
The marketplace makes money in a trifecta of ways. It has a subscription service, which allows brokers to lease or sell properties. There's an auction service, allowing CREXi earn a fraction of the fee for every transaction. There is also its data and analytics service, which lets users see the latest trends in the real estate industry through the company's wide trove of properties.
CREXi has seen more than $700 billion go through its platform thus far, with about 40 percent exclusive to the company. CREXi touts itself as one of the few marketplaces that can take a property from marketing to closing a sale without that property having to leave its service.
With its high numbers, CREXi has joined the elite ranks of Los Angeles-based startups that have raised funding and reshaped the real estate industry. Estimates count around 127 companies from the area that have raised more than $2.4 billion, and are active in the industry. These range from those that provide short-term commercial office space like Knotel to the likes of co-working space provider WeWork, along with others like Luxury Presence that focus on serving the real estate industry.