CREXi Raises $11M To Further Digitize The CRE Industry
Tech platform CREXi, an online marketplace for commercial real estate, has obtained $11M in Series A financing, with the round led by Jackson Square Ventures.
Other investors in the round included Manifest Investment Partners, Lerer Hippeau Ventures, Freestyle Capital and TenOneTen Ventures.
The financing brings CREXi's total funding to $24M. According to the company, the capital will be deployed to expand CREXi's sales and marketing initiatives, grow its employee base and refine its product.
The platform, according to Jackson Square Ventures Managing Director Josh Breinlinger, was "built to address the inefficiencies in the trillion-dollar commercial real estate industry."
CREXi brokers have access to tools to manage the sales process from pursuit to close within the platform. Buyers can browse through thousands of properties with smart search filters, view due diligence documents, schedule in-person tours, submit digital letters of intent and do other tasks.
The platform has been used to bring more than 100,000 properties to market, TechCrunch reports, and it averages 200,000 users per month. Also, CREXi sees more than 6,000 properties listed on the site each month.
Since launching in 2016, CREXi said it has become an active property marketplace used to transact business on commercial listings totaling more than $450B in property value. The company also said its user base has grown more than 230% in the last 12 months.