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Cherre Raises $50M Growth Round

Cherre’s CEO & Co-Founder L.D. Salmanson (Credit: Cherre)

Cherre, a real estate data startup, has raised a $50 million growth round led by Trustbridge Partners, the company announced in a press release. This fresh round will enable the data firm to continue to aggressively expand its offerings and integrate additional partner data sets and applications.

How they got started: The company used public data from the city and state (DOB, NYCHA, HPD etc…), private data from data companies (e.g. Compstak, Reonomy, and CrediFi), and internal data provided by the client. Cherre has always sold clients on the idea that it “connects all disparate real estate data into a single source of truth.”

A slide from an early investor deck visualizing how Cherre built its initial data warehouse

Crowded space with a very clear leader: CoStar is the king of the space, and everyone else is playing catch-up. Other competitors include Reonomy, GeoPhy, Skyline AI, Yardi, and CompStak.

With VC money endlessly flowing into PropTech, a cautionary note: Venture firms invest with expectations for exponential growth. They are content if a company burns to the ground in pursuit of greatness — building a mediocre business is the ultimate failure! While excess capital affords startups the opportunity to become the next Amazon, sometimes steady growth prevails in the long run.

Recent examples: Office leasing platform Truss raised $15 million from General Catalyst in 2019, and is no longer is business. Ely Razin’s CrediFi is another PropTech startup that raised $19 million and also shut down.

Excellent Investor Roster: Additional new investors include Glilot Capital Partners and former Goldman Sachs Vice Chairman Mark Schwartz. Current investors Intel Capital, Navitas Capital, and Carthona Capital also participated in the round.

Heard on the Street: Cherre’s CEO & Co-Founder, L.D. Salmanson: “Real estate has long been known as a uniquely opaque sector with notoriously fragmented and unreliable data sources. Cherre uses its proprietary, artificial intelligence-powered platform to gather and fuse data to power better, more informed investment decisions.” [PR]

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