CompStak CEO Michael Mandel
UPDATED, 12:50 p.m., May 15: CompStak, the real estate analytics firm that crowdsources leasing and investment-sales comps from brokers, has raised the another $12 million, the company told The Real Deal Wednesday.
The analytics firm has now raised $28 million since it launched in 2011. The latest Series B round was led by IA Capital, a New York-based investment firm that has backed insurance and financial technology companies.
Michael Mandel, the firm’s CEO and co-founder, said the new funding would be used to expand its sales and client services teams, and establish a deeper presence in all U.S. markets. He also said the firm increased its client-base goal for its Exchange platform from 20,000 to 150,000 users, but offered no timeline.
This year, CompStak launched an analytics platform that allows users to compare its leasing and property information in real time. It also hired a new chief commercial officer, Chris Aronson, the former CEO of EDR, a $200 million real estate due diligence and risk management platform.
Investors continue to show confidence in the real estate analytics and data space. Moody’s Analytics, which is a minority investor in CompStak, is currently building a portal called the Reis Network that offers real estate data services provided by CompStak and other firms, including Rockport VAL.
Last week, VTS, a cloud-based leasing portfolio management software, which also has an analytics platform, announced a $90 million funding round backed by Brookfield Asset Management, at a valuation of $1 billion.
Correction: A previous version of this story mischaracterized Aronson’s role at CompStak. He is chief commercial officer.
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