Dealpath, the data management startup backed by the likes of Blackstone and JLL, received a new capital injection from Nasdaq’s investment arm.
Nasdaq Ventures provided Dealpath with the new funding to help the proptech company to expand its cloud-based platform that manages the workflow on investment transactions, the companies told The Real Deal.
Nasdaq declined to divulge the size of the investment.
The latest cash injection follows investments from real estate players like Blackstone, JLL Spark, 8VC, GreenSoil Investments, Goldcrest Capital, LeFrak, Milstein and Bechtel.
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Gary Offner, the head of Nasdaq Ventures, said Dealpath is the first real estate company out of the 14 firms the venture capital arm has invested in.
“Our focus is on investments in market infrastructure,” he said. “Commercial real estate is a huge asset class, but it’s a market that’s very different from our core markets.”
Offner added that Dealpath solves some of the main problems Nasdaq Ventures is looking to solve, like managing workflow and reducing friction between different steps. The company’s software allows investors to move data from different sources like CoStar and combine them with, for example, financial models created in Excel or Argus.
Dealpath clients include Blackstone, AEW, Rockpoint Group, Oxford Properties, Bridge Investment Group, Manulife, L+M Development and Hutton. The company recently announced a partnership that allows its software to be used by buyers with JLL, which invests in Dealpath through its investment arm, JLL Spark.
Dealpath was founded in 2014 by Mike Sroka, Kenter Wu and Andy Lee.