CrediFi, a big-data company providing critical data and analytics for the commercial real estate (CRE) finance sector, has raised $8 million in funding from Battery Ventures, Carmel Ventures, crowdfunding platform OurCrowd as well as industry angels. The company launches with institutional-grade data and analytics relating to over 10 billion square feet of property across the US and $1 trillion in commercial real estate loans.
Founded in 2013, the company has 35 employees at its offices in Modi'in and New York and expects to grow 50% in Israel in the coming year by hiring IT developers and financial analysts. The company had raised a seed round of $2 million.
CrediFi solves the problem of lack of transparency in the CRE space, which contributed to the 2008 credit crisis, as many players in the sector had inadequate data about the properties underlying ultimately risky investments. To enable visibility of both opportunities and risks in the global CRE finance community, the company provides key loan, financial, property, and market information and asset analytics on both desktop and mobile platforms. Information available includes everything from detailed breakdowns of property loans, to specific building tenants and occupancy data, to amount of capital invested in particular properties, to legal and compliance data.
CrediFi CEO Ely Razin said, “Commercial real estate is awash on a sea of debt that is consistently being refinanced. Its financial markets are starving for data and analytics to enable smarter investing, lending and ongoing monitoring. It’s not just knowing what your asset is doing - it’s what your competitor, your neighborhood, your market is up to as well. In this market, knowledge is a game changer.”
CrediFi will use the funds to expand its customer-facing organization, while continuing its platform expansion, building out the largest collection of loans, property and tenant data, with risk scoring throughout.
The company's cloud-based service is currently in use with several marquee institutions including premier asset holders, hedge funds, large scale institutional banks, and others.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2015
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