Local Logic, which provides data to real estate portals and data providers including Realtor.ca, Centris, Re/Max and Royal LePage, as well as developers and property managers, has raised $8 million in funding. Proceeds from the Series A funding will be used to bolster recruitment and continue the growth of the platform across North America, the company says.
The funding includes equity and debt, with participation from Shadow Ventures, BDC Capital, Jones Boys Ventures, Cycle Capital and Desjardins Capital. The round was led by GroundBreak Ventures, a Toronto-based VC focused on property technology.
Local Logic has formed partnerships with numerous leading real estate developers and property management companies in Canada and the U.S., including DevMcGill and Ivanhoe Cambridge, as well as real estate portals and data providers.
The company says that by combining traditional data such as property history, local demographics and market comparisons, it brings transparency to the real estate market by “building a digital representation of cities and analyzing how external factors like noise, nightlife, walkability, transit access and quality of schools all impact demand.”
“We have been impressed by Local Logic’s ability to capture and analyze unparalleled levels of data at the property level within the context of the broader built environment,” says Scott Kaplanis of GroundBreak Ventures. “Recent shifts in preferences – many of them brought on or accelerated by the COVID-19 pandemic – have created an uncertain environment for homeowners, real estate agencies, landlords, developers and investors. Local Logic provides these stakeholders with powerful tools capable of providing real-time insight into demand drivers that will shape cities and communities in the future.”
Local Logic says it offers more than 30 billion unique data points and the largest unique location data set in the U.S. and Canada.