CREXi has raised a $30 million Series B Round led by Mitsubishi Estate Company, Industry Ventures, and Prudence Holdings. Founder Mike DeGiorgio departed Ten-X (formerly Auction.com) – where he launched the competing company – in 2015.
- The backdrop: The listings platform was accused in a lawsuit of stealing trade secrets and proprietary information from Ten-X. CREXi agreed to a $1.6 million settlement in 2017, and is now subject to certain restrictions, which threaten its ability to become the dominant player in the space.
- Heard on the Street: Mike DeGiorgio: “We apologize to Ten-X for the actions which led to this lawsuit. I regret my conduct at the time I departed Ten-X.”