Today they are announcing yet another funding round to the tune of $30 million, led by Sapphire Ventures with further participation from Bain. This time they were able to get money from one of the biggest technology investors in the world, SoftBank Capital. SoftBank has already made huge bets on other real estate companies including Opendoor, which just announced $325 million in funding yesterday.
The fact that such sophisticated investors have backed Reonomy is a sign of its potential. At $34 per month for their basic package, Reonomy offers a low-cost way for real estate pros to get instant access to comprehensive building and property owner data.
I asked Reonomy co-founder Richard Sarkis what they have in store for the future via email. He replied, well, like someone running a quickly growing tech company, in bullet points:
Further building out our proprietary library of ML algorithms
Extending our application of entity resolution and graphing to entities / companies
New product for occupiers
He also hinted at an expansion to Canada and Western Europe in 2019 and an addition of “some data sets related to distressed assets (foreclosure, tax arrears etc).”
What Reonomy has been able to do in such short time is nothing short of impressive. They started with the massive and disjointed library of public data about the country’s real estate and have created an analytics machine that has become vital to many agents, brokers and investors.
Richard admits that some of their success is due to being in the right place at the right time and this as a pivotal moment in the PropTech movement, “2018 is a tipping point for data in the CRE industry. We’re blown away with how quickly firms are embracing data to fuel greater intelligence, streamline workflows and create new business opportunities.”