Real estate data juggernaut Reonomy has raised $60 million in Series D funding, with the latest round led by Georgian Partners alongside investors like Wells Fargo Strategic Capital, Citi Ventures and Untitled Investments. This round bumps New York-based Reonomy's total funding to $128 million.
"Fundamentally, the WeWork situation shined a light on a truism, but one that might have been glossed over. Investors should be investing in businesses that are viable from the inside out.
"There's been a lot of marketing razzmatazz in recent years. Anyone could put together a nice PowerPoint presentation, have a logo that's a fruit or something, and be able to raise money on that. WeWork has been a wake-up call. And not just WeWork. PropTech needs to be a business, not just a fundraising vehicle. Investors are going back to basics, and that's a good thing."
— Reonomy CEO Richard Sarkis
Sarkis said that the latest round of funding for Reonomy will be used to expand its machine learning capabilities and platform-driven applications. Since Toronto-based Georgian Partners' primary goal is investing in companies using machine learning for a competitive advantage, he said, the investor was a good fit for Reonomy.
"There's a big opportunity in PropTech now. Historically, the industry had disconnected silos of data, but with the advancement of machine learning, these sources of data can be linked to do new things and create useful insights.
"That's where our interest in Reonomy comes in. We have a machine learning R&D team, and so we saw the opportunity to create a productive partnership with Reonomy."
— Georgian Partners Principal Emily Walsh
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