CrediFi, who had raised nearly $30 million in funding over the last five years, is reportedly shutting down

CrediFi, who had raised nearly $30 million in funding over the last five years, is reportedly shutting down
Published on December 27, 2019, 11:15 am by Ben Lane for HousingWire.com

Company had raised $29 million so far

CrediFi, a commercial real estate data and analytics provider that had raised nearly $30 million in funding over the last five years, is reportedly shutting down, according to The Real Deal.

The Real Deal reported this week that CrediFi, which was founded in 2014 and raised $6 million earlier this year, informed its employees that it plans to close down soon.

From The Real Deal report:

It’s a fast fall for a company that was adding “top tier clients” just a few months ago. Back in July, the company publicized that its clients included “two of the top three CRE lenders; two of the top three ‘Agency lenders’ (i.e. those working with Freddie Mac and Fannie Mae); and two of the top three “conduit” lenders (i.e. lenders lending into CMBS securitizations).”

But less than six months later, the company is on the verge of shuttering.

Nearly a year ago, the company raised $6 million from a number of investors, bringing its total capital raised to $29 million.

According to the company, the January 2019 funding round was led by Liberty Technology Venture Capital II, and joined by investors Mitsui Fudosan, one of Japan’s leading real estate investors, and Maverick Ventures Israel.

Several of the company’s existing investors also participated in the funding, including Battery VenturesViola Ventures and crowdfunding site OurCrowd.

At the time, the company said that it provides data and analytics backed by a database of over seven million commercial properties, including multifamily, office, retail, hotel, and industrial assets, and tracks $13 trillion in balance sheet and securitized loans.

But according to The Real Deal, the company was unable to find success in a crowded field of commercial real estate data providers.

And now, the company is reportedly set to shut down.

HousingWire attempted to contact CrediFi, but as of publication time, the company had not responded. This article will be updated should the company respond.