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Cherre CEO LD Salmanson and Intel’s Bob Swan (Credit: Getty Images)

Intel is Now Investing in Real Estate Tech Startups

Cherre, a software-as-a-service firm launched in 2018, has now raised $25M

In an age of sharing space, you can make money off just about anything: Your house is on Airbnb. Your car is on Turo. You can even rent out your swimming pool on Swimply.

And now, if you have a spare room in the garage, or even a closet, you can make money off that too.

Neighbor.com, a startup that says it allows people to list and rent storage space, announced this week that it raised $10 million in a Series A funding round led by Andreessen Horowitz. The investment indicates a sign of confidence in what may be one of the last frontiers of the major sharing economies.

After decades of fostering startups, Intel is breaking into real estate tech.

Intel Capital, the technology giant’s venture capital arm, led a $16 million funding round into Cherre, a software-as-a-service platform for landowners and real estate investors.

Cherre is the first real estate technology investment by Intel’s investment arm since it launched almost three decades ago. With investments in more than 1,500 companies totalling $12.6 billion, it has become a powerhouse for accelerating young startups.

Last year it announced that it was investing $117 million in 14 startups across artificial intelligence, communications, healthcare and manufacturing sectors.

Cherre, which launched in 2016 in New York, has raised $25 million. Led by CEO L.D. Salmanson, the firm aggregates public and private data and says it uses artificial intelligence to boost underwriting and investment information on more than 170 million properties. Its most recent funding round also included investments from Navitas Capital, Carthona Capital, Zigg Capital and Dreamit Ventures.

The startup is pushing into a crowded sector of data companies geared toward the real estate sector that are increasingly drawing institutional investment. Reonomy, which provides information on about 50 million commercial properties in the U.S., announced in November it had raised $60 million from Wells Fargo and Citibank.

Some data firms have stumbled of late. Credifi, a New York-based firm that ceased operations in December, was saved last month through an acquisition by loan data firm Actovia.

Neighbor.com, a startup that says it allows people to list and rent storage space, announced this week that it raised $10 million in a Series A funding round led by Andreessen Horowitz. The investment indicates a sign of confidence in what may be one of the last frontiers of the major sharing economies.

[The Real Deal]

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