VC Firm With Roots In Poker Makes $115M Investment In Real Estate Data Firm

Investment firm Susquehanna Growth Equity has ploughed $115M into real estate data and technology firm Real Capital Analytics, in what RCA said is the largest-ever “growth financing” for a real estate data firm.

Susquehanna has bought a 40% stake in RCA from Daily Mail and General Trust, the UK-listed firm that was previously owner of fellow real estate data business Xceligent.

DMGT’s results presentation said last week that it had sold its shares for $89M (£68M), which would value RCA at $223M. The company provides transaction information and analysis covering asset prices, capital flows and investment trends across the globe.

RCA said the investment was in the form of Series B shares and debt and would help fund the company’s continued expansion. The $115M infusion is the largest-ever “growth financing” for a PropTech firm, according to RCA, which in the VC world means companies that are more focused on growing quickly than providing steady income.

In the last example of another other major property data and technology company raising piles of cash, VTS raised $90M in Series D funding earlier this year. It raised $25M in its Series B round in 2015.

Susquehanna Growth Equity is a private equity and venture capital firm with an interesting background. It is an offshoot of Susquehanna International Group, a financial trading and technology firm based in the Philadelphia suburb of Bala Cynwyd. The six founders met at the State University of New York and bonded over a love of poker, going on to play in Las Vegas casinos. The company puts poker at the heart of its philosophy, believing that the ability to make decisions with uncertain information can be applied to financial investing.

Following the transaction, RCA founder Bob White will continue in his current role as CEO and, along with RCA employees, maintain a controlling stake in the company.