It’s a familiar pitch — taking an industry that relies on outdated technology and rethinking it with modern, web-based tools.
The industry in this case is commercial real estate, and the startup trying to rethink the process is CREXi, whose name stands for commercial real estate exchange. To be clear, it’s far from the only online marketplace for these kinds of properties — in fact, CEO Michael DeGiorgio and Chief Product Officer Luke Morris both worked for real estate site Auction.com. DeGiorgio said that through that experience, they realized the deal-making process remains “antiquated and old-school in an odd sense.”
“You have to use 15 different kinds of platforms,” he added. “There’s a lot of emails, a lot of fax machines, a lot of flying to meet somebody.”
CREXi went live about three months ago, and the company says there are now nearly 200 properties listed on the site, adding up to almost $800 million in value. The Venice, Calif.-based startup has raised $4.3 million in funding from Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures, Leon Capital Group and others.
Read Full Story: CREXi Brings Commercial Real Estate Dealmaking Online
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