It may be tough times for proptech startups, but big-name real estate investors are lining up for a stake in this data management platform.
Dealpath, a Blackstone-backed provider of deal-flow management and analytics software, raised $43 million in a Series C funding round led by Morgan Stanley, the startup announced Thursday. Existing investors in Dealpath who participated in the Series C include Blackstone, Nasdaq Ventures, JLL, GreenSoil PropTech Ventures and 8VC.
The company did not provide a valuation with the fundraising round, but CEO Mike Sroka called it a “significant step up in valuation” from its February 2019 Series B.
The new funds will help the firm expand globally and grow its product offerings for more clients in real estate, Sroka said.
“We want to continue to invest in product development, building out our platform capabilities,” Sroka added. “We also want to build out our teams to be able to support a global business.”
Founded in 2014 by Sroka, Kenter Wu and Andy Lee, Dealpath aims to help real estate owners, developers and lenders manage acquisitions through cloud-based software that provides users with real-time market data. Its clients include Blackstone, Nuveen, Bridge Investment Group, AEW, Principal Real Estate and Oxford Properties.
More than $10 trillion in transactions have been performed on the platform globally, according to the company, which has offices in New York, San Francisco and Toronto.
Dealpath formed a strategic partnership with data firm CompStak in 2018, allowing subscribers to both services to integrate CompStak’s data into Dealpath’s platform.
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