The commercial real estate market is currently valued at $11 trillion and it’s expected to grow to $40 trillion over the next two decades. Despite the ongoing technology disruptions in other industries, the real estate market is still plagued with antiquated processes and systems.
For example, real estate investors, managers, lenders, borrowers, and brokers often lack both the data they need to invest with confidence and the workflow automation capabilities they need to get deals done fast.
Enter Altrio, a Toronto, Canada-based PropTech startup that’s solving a major problem for the institutionally managed commercial real estate market. Altrio addresses the data issues through Origin, its data-driven cloud-based deal management platform.
Origin is an easy-to-use solution that provides a single source of truth about an organization’s investment pipeline, owned assets, and proprietary market knowledge. Origin reduces the time required to perform administrative tasks, keeps team members coordinated, and streamlines the flow of information across a company’s global operations.
To further grow its platform, Altrio announced today it has raised $6.2 million (CAD$8 million) in Series A funding to digitize global real estate capital markets. The round was led by Whitecap Venture Partners with participation from Mantella Venture Partners, Alate Partners, and Colliers. In conjunction with the funding, Altrio said that Shayn Diamond, partner at Whitecap Venture Partners, will join its board of directors.
The company will also use the funding proceeds to double its headcount from 26 today to more than 50 by the end of 2022 and to accelerate the development of its product roadmap. In August 2021, Altrio raised a Seed funding round led by N49P and QuadReal Property Group. Since then, the company has achieved a 6X increase in revenue and a 7X increase in customers.
Founded in 2020 by real estate veterans Raj Singh and Jon Simpson, Altrio’s mission is to help real estate investors and managers achieve their goals and enjoy their work by creating software and services that make their jobs easier, the company said on its website.
Altrio’s Origin deal management solution is used by customers with combined assets under management of more than $1 trillion, including two of the world’s three largest real estate investors. Origin’s users manage equity and debt transactions in every sector, across the Americas, Europe, and Asia.
“Companies that invest in real estate are not satisfied with traditional deal management platforms that focus exclusively on deal tracking. So, they have enthusiastically embraced our more data-driven approach to deal management, which enables them to leverage their proprietary information to invest with greater conviction and move quickly on competitive deals,” CEO Singh said.
Singh also added, “In addition to the significant growth we have seen in our customer base, the ability to secure this investment in just three months at a time when market conditions are particularly challenging, is a testament to the value that Origin delivers to real estate investors.”
“Altrio’s solution is unique in the market in that it combines process automation with robust data management. This ensures that real estate investors have a single solution to manage their entire investment process and keep track of everything needed to get a deal done, from a first look to final close,” says Shayn Diamond, partner at Whitecap Venture Partners. “Because of the huge benefits that Origin delivers, Altrio has generated significant traction with leading global real estate investors that are rapidly adopting its platform.”