Announces $4.3M in Seed Funding from Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures & Leon Capital Group
Venice, Calif. – February 25, 2016 – Taking commercial real estate into the modern era, CREXi is announcing the launch of its commercial real estate platform for brokers, buyers and sellers. CREXi is a commercial real estate marketplace that simplifies transactions for brokers with a suite of easy-to-use tools to manage the entire process from listing to closing.
From digital LOIs to customizable best and final trading arenas, CREXi integrates a series of tools that until now could not be found in one comprehensive CRE transaction platform.
“The digital age has transformed almost every industry in the most profound ways. We felt it was time that the commercial real estate industry caught up so we created a platform designed to simplify the transaction process, saving time and money along the way,” said Michael DeGiorgio, CREXi founder & CEO. “We designed a fully integrated and superior suite of transactional tools for CRE brokers while creating a ubiquitous marketplace for buyers and sellers creating a win-win scenario for all.”
The CREXi platform has obvious appeal to the industry. In less than three months in limited beta, CREXi has attracted nearly 200 properties valued at $700 million. The properties are available to purchase from over 35 leading brokerages including CBRE, Marcus & Millichap, Cushman & Wakefield, Newmark Grubb Knight Frank and Transwestern among others.
Commercial real estate is one of the largest asset classes in the world, with over $1.1 trillion transacted globally* each year.
CREXi makes brokers’ jobs easier, giving them the tools and flexibility to more easily manage all aspects of their transactions on one platform. Platform features include:
- Secure transactions. CREXi’s online community redefines real estate deals through a secure and transparent transaction environment
- Customized communications. Marketplace messaging system plus immediate notifications of all offer activities keep brokers updated in real time
- Digital best and final. CREXi brings best and final commercial real estate negotiations to the digital age – saving time and money along the way
- Deal vault. CREXi’s deal vault ensures safe transactions and document management including due diligence reports
- Immediate analytics. Advanced analytics enable brokers to quickly view activity from potential buyers on listed properties in visual charts/graphs giving brokers an at-a-glance snapshot of real-time activity
“This is, without question, the future of how commercial real estate will be transacted. Between the strength of the product itself and the CREXi team, we knew we needed to be a part of it,” said Fernando De Leon, founder and CEO of Leon Capital Group, who manages a $3 billion-plus portfolio.
The founding team at CREXi boasts a combination of commercial real estate veterans, entrepreneurs and data and analytics experts. Michael DeGiorgio and Luke Morris, chief product officer, both hail from Auction.com with VP roles at the company where they partnered with owners and brokers to execute commercial sales in 90 days. Co-founder Erek Benz previously founded Position Tech, an athletic technology company used by top NFL teams. Rounding out the team is Ben Widhelm, chief technology officer, previously SVP at Millenial Media and CTO of Burstly, which sold to Apple.
The company raised $4.3 million in seed funding from Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures, Leon Capital Group and prominent angel investors.
CREXi is a commercial real estate marketplace that simplifies transactions for brokers with a suite of easy-to-use tools to manage the entire process from listing to closing. Bringing the traditional CRE sales process online, CREXi leverages the latest advances in technology to make transactions ultra efficient. For more information visit CREXi.com.