Local Logic secures $1.15 million in first-time financing for their urban data platform
Local Logic announced yesterday the close of a $1.15 million funding round. The Montreal-based startup uses data and urban planning theory to give users easy-to-understand information about the characteristics of every location in a city.
This is the first funding round for the company, created in 2015. The round was led by Cycle Capital Management and supported by BDC, 500 Startups Canada and Yellow Pages.
“The funding will be used to grow our tech and sales team to expand our operations in the United States market. We’re currently 13 people in the business and aim to hit a headcount of about 24 by the end of the year,” Gabriel Damant-Sirois, Local Logic co-founder and CPO told MTLinTECH.
READ ALSO: Local Logic’s unlikely entrepreneur makes city data more accessible
Users can search for any address in a city and see how it rates in over 15 different categories – things like proximity to different services, how convenient different forms of transportation are and its overall noise level.
Our new investment, @local_logic closes a first round of 1,15 M$ to change the way cities are being developed https://t.co/EeJM9PqJ8I
— CycleCapital (@CycleCapitalVC) June 13, 2017
“Local Logic’s mission is to help consumers, real estate companies, investors and urban planners to make better decisions by enriching their understanding of cities and citizens’ needs”, said Vincent-Charles Hodder, cofounder and CEO of the company. According to him, the use of urban data allows for a better understanding of cities, which contributes to their sustainable development. “We are thrilled to count on the financial and strategic support of major investors. Their backing will allow us to expand Local Logic to the United States and develop new for our urban data.”
READ ALSO: Local Logic partners with Centris to bring open source data to house hunting
Photo credit: Eva Blue
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