A company that gathers data and analytics for real estate customers has raised $12 million in new financing, with plans to grow its business further among financial firms and insurance companies.
CompStak said that IA Capital led its Series B financing, though existing investors Canaan partners, RealPage Inc. and 500 Startups also participated. With the new round, CompStak has raised $28 million to date since its 2012 launch, including a strategic investment from Moody’s in 2017, the company said.
IA Capital’s involvement is worth noting, because the New York-based private investment firm has invested in InsurTech and fintech startups for 20 years. The firm’s website lists a portfolio of investments including Hamilton Insurance Group and Snapsheet, a developer of virtual claims technology.
“IA Capital’s fund, backed by major insurance companies, is a terrific strategic fit for CompStak as we continue to expand our relationships with financial firms and insurance companies,” CompStak CEO and co-founder Michael Mandel said in prepared remarks. “They fully understood our market vision, and it was clear that IA Capital could help us achieve that vision.”
Matt Perlman, principal at IA Capital, said in prepared remarks that his firm is “excited to help [CompStak] expand to new markets and use cases in CRE finance, insurance and beyond.”
The funding will be used to continue to accelerate growth into new product segments, expand the company’s Exchange platform member base, acquire top talent, and propel revenue and customer growth on top of the solid foundation the company has already built.