- Leading end-to-end commercial real estate transaction platform Biproxi announced that it has secured $10 million in seed funding
Biproxi — a leading end-to-end commercial real estate transaction platform trusted by the largest commercial brokerages — announced it raised $10 million in seed funding led by Greycroft. Newmark Knight Frank, RPM Ventures, and the National Association of Realtors also joined the round.
This funding round was announced along with the launch of a new product called Biproxi Off Market, an algorithmic-based data platform that provides instant property and valuation data on over 32 million off-market commercial properties. The platform was designed for brokers, buyers, and tenants. And it allows users to access detailed property data, historical sales data, assessed property values, and financing history for middle-market commercial properties valued up to $25 million.
Biproxi added Biproxi Off Market to an already popular service that combines critical CRE tools into one integrated platform and features biproximate — a free product providing values on more than 10 million commercial properties across the United States.
Along with finding a biproximate for any property, buyers and brokers can access and view (for free) a vast amount of information on each property, including sales and financing history. And together, these tools are able to create an easy-to-use one-stop-shop powering the entire lifecycle of a real estate deal and providing data on every commercial property in the country both on- and off-market.
Biproxi is known for providing vendor services, a suite of customized marketing tools to source unique leads, and gated due diligence vaults with lead management capabilities for brokers.
“Until now, accessing transaction history or the current market value of a commercial real estate property requires an expensive data subscription,” said Gordon Smith, the founder and CEO of Biproxi. “Biproxi has simplified this process providing investors and agents tools to list, market, and transact faster with better information on one platform.”
There are about 300,000 commercial brokers in the U.S. and over 150 million commercial real estate investors and tenants around the world. And the brokerage landscape in the U.S. is highly fragmented and 75% of agents working at independent brokerages have limited marketing resources.
Biproxi has identified an underserved market segment and designed its technology-based real estate marketplace to meet the needs of the commercial real estate middle market. This platform gives independent agents the resources and reach to compete with larger brokerage houses while maintaining their independence. And the unique platform can run a real estate deal from listing to closing utilizing the latest cutting-edge technology with a small fee paid by the buyer at closing.
Biproxi was founded by a team of industry veterans who were integral to the success of Ten-X — which is a leading online commercial real estate exchange. CEO Gordon Smith has over 30 years of experience in commercial real estate as well as asset management, brokerage, and principal investments. Biproxi was also founded by head of partnerships Yan Khamish, head of growth Thatcher Milholland, and head of special projects Carrington Guy. Biproxi also brought on Mallory Contois as Head of Operations. And altogether, the founding team closed over $20 billion in total transaction volume.
“Gordon and the Biproxi team bring a distinct advantage to the commercial real estate sector given their experience scaling technology products and building investment portfolios in the space,” added Stewart Easterby, Operating Partner at Greycroft. “Their innovative platform is reshaping the future of commercial real estate in the underserved middle market segment.”
