Data Provider RealMassive Grabs About $3M for Series A
RealMassive, a commercial real estate data provider, has landed a Series A funding round of about $3 million that gives it a $20 million valuation as the company seeks to launch a subscription service on top of its existing free commercial real estate listings.
Since its founding in 2013, the Austin, TX-based company has received $8 million in venture funding led by RHS Investments, as well as Hurt Family Investments and Capital Factory, the local incubator and accelerator program. RealMassive didn’t disclose Thursday how much of that $8 million was new money from investors including RHS, which is run by Hank Seale, the founder and chairman of Austin-based Q2 Holdings (NYSE: QTWO). During an interview with Xconomy in March, RealMassive said it had raised $4.6 million to that point.
Along with the funding, RealMassive’s two founders switched titles. Craig Hancock, previously the president, was named the CEO of the company. Joshua McClure moved from CEO to president. Seale was named chairman of the company’s board. The company said the move was made so that Seale and Hancock could begin “monetizing” the Austin market, while McClure could maintain a focus on the company’s vision, product, and marketing efforts.
RealMassive has spent most of its history collecting commercial real estate data in various markets throughout the U.S., with 33 so far and plans to be in 72 overall. It has provided free access to that data, such as the size or rate of a industrial, commercial, or retail space. The company plans to sell a subscription service that costs $357 a month, which will provide anyone interested in commercial real estate data various tools for analyzing and computing it.
“Calculated, statistical data is going to help them make better data-driven decisions on whether to hold onto certain properties in certain markets, when to enter or exit a market,” Hancock said in March. “Those types of decisions are really ripe for more data to be injected.”
Commercial real estate professionals from firms including HPI Real Estate Services, Aquila Commercial, Avison Young, and InSite Realty also participated in the funding.