DealmakingInvestingM&A / FundingProptechReal EstateReal Estate Tech

Altrio raises $6.2M Series A to digitize CRE workflow

Startup claims 6x revenue increase and 7x customer growth since seed raise last August

Altrio, a Canada-based startup, today announced raising a CAD$8 million Series A led by Whitecap Venture Partners, according to a press release.

The company says it will use the fund to double its head count from 26 to 50 by the end of 2022, and to accelerate its product development and roadmap.

Founded in 2020, Altrio is attempting to solve workflow delays for the institutionally managed commercial real estate (CRE) market, which it says it expected to grow $40 trillion over the next two decades.

It says it accomplishes this by providing investors, managers, lenders, borrowers and brokers with data and workflow automation capabilities, through its cloud-based deal management platform Origin, to reduce the time it takes to complete deals.

This is especially important right now, with rising interest rates and tightening cap rates causing a number of CRE deals to fall through. As the market prepared for the U.S. Federal Reserve’s decision to raise rates, investors are scrambling to complete deals before these price increases take hold.

Altrio says Origin can help solve this “need-for-speed” by providing a “single source of truth” about an organization’s investment pipeline, owned assets and proprietary market knowledge.

“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,” stated Raj Singh, CEO of Altrio, in the release.

It also says that it reduces time required to perform administrative tasks, keep team members coordinated, and streamlines information flow across a company’s operations.

The company says that this Origin solution is trusted by customers with combined assets under management topping $1 trillion, and includes two of the world’s three largest real estate investors.

“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,” Singh added.

The funding also included participation from Mantella Venture Partners, Alate Partners and Colliers, and Shayn Diamond of Whitecap Venture Partners will be joining the company’s board of directors as a result.

Altrio has now raised a total of $8.2 million in funding to date, following a $2 million seed round led by N49P and QuadReal Property Group in August 2021.

The proptech also partnered with real estate data anyltics platform Cherre in August of last year to enrich the platform’s property and market level data.

In other recent proptech news, Snappt scanned its one-millionth rental application and announced finding 12% of those applications contained fraud. Hartman Income REIT also selected REMLogics‘ property management platform to manage its 59-unit CRE portfolio.

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