Local Logic, a location intelligence platform that provides insights for homebuyers, real estate professionals and developers, today announced that it has raised $8 million in funding.
The new cash is coming via equity and debt, led by GroundBreak Ventures, a Toronto-based VC focused on property tech.
Proceeds from the Series A funding will be used to bolster recruitment and continue the growth of the platform across North America. Shadow Ventures, BDC Capital, Jones Boys Ventures, Cycle Capital, and Desjardins Capital joined in the fun.
“As our communities continue to undergo increasingly rapid economic and social shifts, it is vital that consumers, real estate professionals and urban planners have a role in shaping their future,” said CEO Vincent-Charles Hodder. “We are now in a prime position to expand our platform and begin to not only reimagine the way our cities are planned, built, and experienced, but to better represent the needs of those who inhabit them.”
Local Logic says its platform gives information on both property and the broader environment, combining data like property history, demographics, and market comparisons. It helps guide homebuyers, apartment hunters and real estate agents to properties and locations that fit their individual preferences.
The company says its platform “brings transparency to the real estate market by building a digital representation of cities,” analyzing how external factors such as “vibrancy,” noise, walkability, transit access, and quality of schools impact market demand.
Through access to accurate, real-time data, Local Logic wants to “empower the public and private sectors to understand and respond to the needs of citizens.”
“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,” said GroundBreak Ventures’ Scott Kaplanis. “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’s proprietary data mix is among the most unique we’ve seen in the sector and it’s going to help a lot of U.S. based real estate developers make smarter investment decisions, both from a site selection and a tenant mix perspective. The early adopters are in for a treat,” said KP Reddy, Founder and CEO of Shadow Ventures.
Moreover, the Montreal outfit says it has formed partnerships with several real estate developers and property management companies, including DevMcGill, Ivanhoe Cambridge and Midwood Investment and Development, as well as leading real estate portals and data providers such as RE/MAX, Zillow, Inside Real Estate, CoreLogic, Zumper, Realtor.ca, and more.