June 14, 2018 / 11:00 AM / 2 years ago

Analytics firm Reonomy raises $30 mln from SAP affiliate, SoftBank

NEW YORK, June 14 (Reuters) - Reonomy, a commercial real estate analytics firm, said on Thursday it raised $30 million from existing investors SoftBank Capital and Bain Capital Ventures in a round of funding that was led by SAP-affiliated Sapphire Ventures.

New York-based Reonomy has now raised $68.4 million since it was founded in 2013 and plans to use the new money to establish its platform as an industry leader, said Chief Executive Richard Sarkis.

Reonomy allows users to search U.S. commercial assets, including properties, ownership contacts, mortgages, property sales and other detailed data, the company said in a statement.

“The reason we were excited to partner with these guys and take on the capital now is we have a very clear product market fit,” Sarkis said in an interview.

“We’ve already had some conversations with folks at SAP, to say ‘Hey, how can this be helpful to your broader SAP network?’” he said, referring to Germany’s SAP SE.

Reonomy has almost doubled its revenue year-to-date and plans to double its workforce of 45 people by the end of 2019, he said.

The company is exploring opening an office on the U.S. West Coast and possibly London.

Venture capital in recent years has plowed more than $2 billion into scores of property-focused start-ups known as “proptech” firms that are trying to tap growing reams of data in commercial real estate.

Reonomy raised funds in February from the family office of real estate mogul Barry Sternlicht, chairman of investment firm Starwood Capital Group and Starwood Property Trust Inc, a real estate investment trust and billionaire businessman John Catsimatidis, among others.

SoftBank Capital is a U.S.-based venture capital company and part of Japan’s SoftBank Group Corp.

Reporting by Herbert Lash; Editing by Lisa Shumaker

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