CREXi has announced the launch of its commercial real estate platform that is available for brokers, sellers and buyers.
The Los Angeles-based startup aims to bring real estate dealmaking online and make transactions from listing to closing more simplified. This is through providing tools that are easy to use and are currently not available in just one comprehensive CRE. The platform's features include secure and transparent transaction environment, customize communications with real-time updates and notifications, best and final commercial real estate negotiations, deal vault for safe transactions and document management, and immediate analytics.
"The digital age has transformed almost every industry in the most profound ways. We felt it was time that the commercial real estate industry caught up so we created a platform designed to simplify the transaction process, saving time and money along the way," Michael DeGiorgio, CREXi founder and CEO, said via a press release on The PE Hub Network. "We designed a fully integrated and superior suite of transactional tools for CRE brokers while creating a ubiquitous marketplace for buyers and sellers creating a win-win scenario for all."
"You have to use 15 different kinds of platforms," DeGiorgio also said as per TechCrunch. "There's a lot of emails, a lot of fax machines, a lot of flying to meet somebody."
The CREXi platform first went live three months ago in a limited beta and since then it has listed around 200 properties with total value of nearly $1 billion. These properties can be purchased from brokerage firms such as CBRE, Marcus & Millichap, and Cushman & Wakefield among others.
Most of the properties currently listed are located in California, New York and Texas, according to TechCrunch. The CREXi platform, however, can be utilized by any user regardless of their location.
CREXi, which stands for commercial real estate exchange, was able to generate $4.3 million of seed funding from Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures, Leon Capital Group and prominent angel investors.
