Commercial Real Estate Exchange (CREXi) has launched a new real estate platform for brokers, buyers and sellers in the US after raising $4.3 million in seed funding from investors including Lerer Hippeau Ventures.
The company says its commercial real estate marketplace platform simplifies transactions for brokers with a suite of easy-to-use tools to manage the entire process from listing to closing.
From digital Letters of Intent (LOIs) to customisable best and final trading arenas, CREXi integrates a series of tools that until now it says could not be found in one comprehensive real estate transaction platform.
"The digital age has transformed almost every industry in the most profound ways,” says CREXi founder and CEO Michael DeGiorgio.
“We felt it was time that the commercial real estate industry caught up so we created a platform designed to simplify the transaction process, saving time and money along the way."
DeGiorgio says his team has designed a fully integrated and superior suite of transactional tools for commercial real estate brokers while creating a ubiquitous marketplace for buyers and sellers- a win-win scenario for all.
“The CREXi platform has obvious appeal to the industry,” he asserts. “In less than three months, CREXi has attracted almost 200 properties valued at nearly $1 billion.
“These are available to purchase from over 35 leading brokerages including CBRE, Marcus & Millichap, Cushman & Wakefield, Newmark Grubb Knight Frank and Transwestern among others.”
Commercial real estate is one of the largest asset classes in the world, with over $1.1 trillion transacted globally each year.
“CREXi makes brokers' jobs easier, giving them the tools and flexibility to more easily manage all aspects of their transactions on one platform,” DeGiorgio says.
The founding team at CREXi boasts a combination of commercial real estate veterans, entrepreneurs and data and analytics experts.
Michael DeGiorgio and chief product officer Luke Morris both hail from Auction.com with VP roles at the company where they partnered with owners and brokers to execute commercial sales in 90 days.
Co-founder Erek Benz previously founded Position Tech, an athletic technology company used by top NFL teams.
Rounding out the team is chief technology officer Ben Widhelm, previously SVP at Millenial Media and CTO of Burstly, which sold to Apple.
"This is, without question, the future of how commercial real estate will be transacted,” says Leon Capital Group founder and CEO Fernando De Leon, who manages a $3 billion-plus portfolio.
“Between the strength of the product itself and the CREXi team, we knew we needed to be a part of it.”
CREXi Investors other than Lerer Hippeau Ventures and Leon Capital Group include Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures and prominent angel investors.
Platform features include:
Secure transactions CREXi's online community redefines real estate deals through a secure and transparent transaction environment
Customised communications Marketplace messaging system plus immediate notifications of all offer activities keep brokers updated in real time
Digital best and final CREXi brings best and final commercial real estate negotiations to the digital age – saving time and money along the way
Deal vault CREXi's deal vault ensures safe transactions and document management including due diligence reports
Immediate analytics Advanced analytics enable brokers to quickly view activity from potential buyers on listed properties in visual charts/graphs giving brokers an at-a-glance snapshot of real-time activity