US-based property technology developer Reonomy raised $60m in a series D round today featuring financial services firms Citi and Wells Fargo.
Georgian Partners led the round, which also included Untitled Investments, Sapphire Ventures, Bain Capital and Primary Venture Partners.
Citi and Wells Fargo invested through corporate venturing unit Citi Ventures and investment arm Wells Fargo Strategic Capital, respectively.
Founded in 2013, Reonomy has built a platform that exploits big data and machine learning technologies to analyse disparate information about commercial real estate, powering applications such as portfolio analytics and market insights.
The data covers more than 50 million properties, 80 million companies, 300 million people, 38 million mortgages and 68 million sales. It can be accessed directly through Reonomy’s own platform or integrated into third-party applications.
The funding will allow Reonomy to expand its machine learning capabilities and platform-driven applications, with a key focus on the financial sector, including applications for Citi and Wells Fargo.
The money will also drive international expansion efforts, where Reonomy has identified Canada and the UK as particular opportunities.
Reonomy has now raised $128m in funding altogether. SoftBank Capital, an investment arm of telecommunications group SoftBank, previously backed a $30m series C round in June 2018 that was led by Sapphire Ventures and also included Bain Capital Ventures.
MMC Technology Ventures, a subsidiary of property advisory and services group Marcus & Millichap, contributed to a $16m round in February 2018 that was co-led by Bain Capital Ventures and undisclosed investors.
Jaws and Red Apple Group filled out that round, which additionally included an undisclosed amount of venture debt from Silicon Valley Bank.
SoftBank Capital took part in a $13m series B round in 2015 led by Bain Capital Ventures, with commitments from Resolute, High Peaks, KEC Ventures, FinTech Collective and Solon Mack Capital.
SoftBank Capital had already led a $3.8m series A round in 2014, with participation from FinTech Collective, Resolute Ventures, High Peaks Venture Partners and KEC Ventures.
