Biproxi, the leading end-to-end commercial real estate transaction platform trusted by the world’s largest commercial brokerages, today announced Greycroft as the lead investor in its $10 million Seed round. Additional investors include Newmark Knight Frank, RPM Ventures, and the National Association of Realtors.
The funding was announced alongside the launch of the company’s newest product, Biproxi Off Market, a first of its kind algorithmic-based data platform that provides instant property and valuation data on over 32 million off-market commercial properties. Designed for brokers, buyers, and tenants, the platform allows users to access detailed property data, historical sales data, assessed property values and financing history for middle-market commercial properties valued up to $25 million.
The company has added Biproxi Off Market to an already popular service that combines critical CRE tools into one integrated platform and features biproximate™, a free product providing values on more than 10 million commercial properties across the United States. In addition to finding a biproximate™ for any property, buyers and brokers can access and view – for free – a vast amount of information on each property, including sales and financing history.
Together, these tools create an easy-to-use one-stop-shop powering the entire lifecycle of a real estate deal and providing data on every commercial property in the country, both on and off-market. Biproxi also provides vendor services, a suite of customized marketing tools to source unique leads, and gated due diligence vaults with lead management capabilities for brokers.
“Until now, accessing transaction history or the current market value of a commercial real estate property requires an expensive data subscription,” said Gordon Smith, Biproxi Founder & CEO. “Biproxi has simplified this process providing investors and agents tools to list, market, and transact faster with better information on one platform.”
With 300,000 commercial brokers in the U.S. and over 150 million commercial real estate investors and tenants globally, the brokerage landscape in the U.S. is highly fragmented, with 75% of agents working at independent brokerages with limited marketing resources. Biproxi identified an underserved market segment and designed their technology-based real estate marketplace to meet the needs of the commercial real estate middle market. The platform gives independent agents the resources and reach to compete with larger brokerage houses while maintaining their independence. The unique platform can run a real estate deal from listing to closing utilizing the latest, cutting-edge technology with a small fee paid by the buyer at closing.
Biproxi is founded by a strong team of industry veterans who were instrumental to the success of Ten-X, a leading online commercial real estate exchange. Co-Founder & CEO Gordon Smith brings over 30 years of experience in commercial real estate, as well as asset management, brokerage, and principal investments; he is joined by Co-Founders Yan Khamish – Head of Partnerships, Thatcher Milholland – Head of Growth, and Carrington Guy – Head of Special Projects. The company has also brought on Mallory Contois as Head of Operations. Combined, the founding team has closed over $20 billion in total transaction volume and has a strong background in software development.
“Gordon and the Biproxi team bring a distinct advantage to the commercial real estate sector given their experience scaling technology products and building investment portfolios in the space,” said Stewart Easterby, Operating Partner at Greycroft. “Their innovative platform is reshaping the future of commercial real estate in the underserved middle market segment.”