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Keyway raises $25M Series A for smaller CRE transactions

Startup plans to facilitate over $200M in sub-$20M transactions by end of year

Keyway, a commercial real estate transaction startup, today announced raising a $25 million Series A led by Camber Creek, according to a press release.

The company, which focuses on simplifying sub $20 million commercial real estate (CRE) transactions, says it will use the funding to invest in its technology and machine learning capabilities.

Launched in 2021, New York City-based Keyway says that through its machine learning-based technology, it simplifies these transactions by reducing fees by 50% and transaction time by 90%. It noted this benefits brokers, sellers and buyers, and fills an important gap for institutional investors that want to build diversified portfolios but are not structured to handle smaller deals.

The startup says it is on track to transact four times its 2021 volume in the first half of 2022 alone, and plans to facilitate at least $200 million in transactions by the end of the year. It also stated that it will place an initial focus on sale-leaseback and expansion solutions for medical, dental and veterinary practices.

“We want to change the trajectory of medical practices by providing them with real estate solutions to help them achieve their goals, whether they are looking for liquidity, capital to expand, or building wealth through real estate,” stated Matias Recchia, co-founder and CEO of Keyway, in the release.

The Series A follows a $15 million seed round last November and a $70 million debt financing round in March, and brings the company’s total equity funding to date to $40 million.

Institutional investors now balk at buying homes in this market niche

Institutional real estate investors gobbled up record amounts of inventory in almost every corner of the pandemic-induced fever dream that was the 2021 housing market, with one notable exception: distressed properties sold at foreclosure auction.

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The round also included participation from existing investors Canvas Ventures, Crosscut, Montage Ventures and new participants Thomvest and Parker89.

“It’s clear that technology has completely disrupted the single family housing space. We see equally large potential in the commercial real estate sector and we are excited about Keyway leading the way,” stated Jake Fingert, Managing Partner at lead investor Camber Creek.

“We look forward to the strides the team will continue to make with this Series A round,” Fingert said.

In other recent proptech news, Xeal hired Chris Moreno as VP of Real Estate and Channel Partnerships. M&T Realty Capital also announced closing a $35 million Freddie Mac loan to finance a 122-unit complex in South Norwalk, Connecticut.

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