CREXi Raises $30M To Expand AI-Oriented Online CRE Marketplace
Online commercial real estate marketplace specialist CREXi has raised $30M in a Series B round of funding led by Mitsubishi Estate Co., the real estate arm of the Japanese conglomerate. Other investors in the round included Industry Ventures and Prudence Holdings.
Artificial intelligence will be an important component in further enhancing the platform, CREXi CEO Mike DeGiorgio told Chedder in a video interview.
The more transactions CREXi handles, the more patterns it sees about where offers are coming in on certain properties. The more information CREXi can gather, the more it can help make transactions as efficient as possible and bring liquidity to the commercial real estate space, DeGiorgio said during the interview.
CREXi also plans to grow its auction business. In September, Clark County, Nevada, retained the Marina Del Rey, California-based company to auction a variety of its properties totaling about 161 acres in greater Las Vegas. CREXi held the online auction in November.
Previously, the county had conducted live auctions that allowed for some remote online bidding. Using CREXi, the county did its first-ever auction that was entirely online, selling 11 properties for $63M to a number of private buyers, developers and REITs.
The company's previous round of funding, led in 2018 by Jackson Square Ventures, totaled $11M. Since then, CREXi has added about 300,000 properties to its platform, counting assets for sale or lease, and has expanded its subscription base to 6 million, TechCrunch reports.
The company says its platform has facilitated deals for 150,000 commercial listings totaling more than $700B in property value since launching in 2016.
