On Tuesday, Realty Mogul, real estate investment startup has secures $35 million in Series B round of funding led by Sorenson Capital along with the existing investor Canaan Partners.
Founded in 2013, startup Realty Mogul is a leading online marketplace for real estate investing for accredited investors to pull money online and buy shares of pre-vetted investment properties, that works on an aim to simplify the task for investors to invest in real estate, especially putting together clients to investment opportunities that they would not be able to access otherwise. Apart from the investors looking to branch out their portfolio, the startup also helps the borrowers hunt of flexible debt or a real estate sponsor looking to invest in joint venture equity.
“We are seeing online marketplaces massively transforming other industries and Realty Mogul’s growth path clearly shows they are poised to be the key disruptor in the huge asset class of real estate investing,” said Rob Rueckert, head of Sorenson Capital’s Technology Practise and new Realty Mogul board member in a statement. In the period of two years, it has grown from 10 to 80 employees and the platform has helped to fund 240 properties which totals to more than $500 million in value.
The news funds will enable the marketplace to improve and expand its technology and data science team which thereby will improve its ability to analyze deals and risk. The company has plans to recruit more technologists and data scientists and strengthen its robust technology platform, that makes use of big data to get smarter about risk profiling in real estate. Also, it plans to expand its operations across the USA.
“We are excited to be partnering with Sorenson Capital and Cannan Partners for this next stage of our growth,” said Jilliene Helman, CEO of Realty Mogul. “Their investment underscores Realty Mogul’s innovative technology for the full stack of real estate transactions, both debt and equity and will help bring the $1.1 trillion commercial real estate market into the 21st century.”
“We are thrilled to continue supporting Realty Mogul in their pursuit of becoming the gold standard for commercial real estate capital on the internet,” said Hrach Simonian, Partner at Canaan Partners and Realty Mogul board member.