Commercial real estate transaction platform looking to be the Zillow for the commercial sector, Biproxi, has raised $10 million in a recent seed funding round led by venture capital and technology investment firm, Greycroft.
Commercial real estate brokerage Newmark Knight Frank participated in the rather large seed round along with RPM Ventures, and the National Association of Realtors, which earlier this year launched its first commercial real estate technology accelerator (dubbed Second Century Ventures).
San Diego-based Biproxi’s target users are commercial real estate brokers, buyers and tenants. It’s not, however, aimed at those conducting transactions around nine-digit or higher-valued properties. Instead, it wants to help a segment of the commercial real estate world that is considered to be “the middle market,” such as independent brokerages that might have less to spend on marketing.
“The platform gives independent agents the resources and reach to compete with larger brokerage houses while maintaining their independence,” according to the company, with the goal of giving them a way to “run a real estate deal from listing to closing” with one platform instead of working with (and paying for) several.
As part of the funding announcement, the startup also said it unveiled an algorithmic-based data product that provides “instant property and valuation data on over 32 million off market commercial properties.” Biproxi says it gives users access to detailed information such as property data, historical sales data, assessed property values and financing history.
The company had previously launched a free product that offered biproximateTM, which provided “biproximate” (not perfect) values on more than 10 million commercial properties across the United States. That product also contained information on each property, including sales and financing history.
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