Real Estate Industry Gets In On $100M Funding Round For Location Analytics Startup Placer.ai
Placer.ai provides its customers with location data such as the number of visits.
Placer.ai, a company that monitors pedestrian traffic data at various locations, has received $ 100 million in funding in a round that valued the company at $ 1 billion.
The company plans to use the money to accelerate the growth of its platform and add to the list of data it is tracking. The round of funding, led by Product Hunt CEO Josh Buckley, includes several real estate managers keen to see the platform grow.
Commercial real estate company JM Schapiro, CEO of Continental Realty Corp .; Eliot Bencuya and Jeff Karsh of Tryperion Partners; Daniel Klein of Klein Enterprises in Baltimore; and Majestic Realty were all participants in the funding round.
This interest from the CRE industry is not surprising. In a statement accompanying the announcement of the news, Noam Ben-Zvi, CEO and co-founder of Placer.ai, said the company had seen remarkable growth in 2021 when CRE and retail companies relied on Placer’s analytics to make on-the-spot decisions .
At the Weitzman Annual Dallas-Fort Worth Forecast event on Wednesday, Ben-Zvi noted that real estate is expensive, decisions are difficult to reverse, and it can take a long time to know if the decision was the right one.
“The more data you have, the more informed you can make decisions,” said Ben-Zvi, Weitzman’s chief marketing officer, Leisa Barger.
The ongoing impact of the coronavirus pandemic on commercial real estate has also sparked renewed interest in Placer’s offerings among customers who may be “using Placer’s tools for M&A due diligence or to identify interesting investment opportunities,” reported Yahoo News.
“However, the location analysis is only the basis for a much broader and broader vision,” said Ben-Zvi.
With the funding, the three-year-old company wants to expand its analysis and data offering to include information on vehicle traffic and planned construction and purchase dates, said Ben-Zvi. The money comes roughly eight months after another round of funding that raised $ 50 million, according to TechCrunch.
Placer counts JLL, Regency Centers, Planet Fitness, BJ’s Wholesale Club, Taubman and Grocery Outlet among its approximately 1,000 customers. The company uses anonymized location data from devices such as cell phones to generate information about consumers, including their location and time.