Local Logic gets powerful US$13M boost for real estate tech

 Local Logic gets powerful US$13M boost for real estate tech

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Montreal-based location intelligence platform for real estate tech, Local Logic, has raised US$13M in Series B funding. The round was led by GroundBreak Ventures and Investissement Québec, with participation from multiple other investors including Band Capital Partners, Cycle Capital, Desjardins Group, Jones Boys Ventures, Second Century Ventures, and Shadow Ventures.

Local Logic plans to use the extra funds to speed up its expansion in the United States and Canada. They also aim to create new data products. These products, powered by artificial intelligence, will assist real estate professionals in making improved decisions.

A unique approach to real estate tech

Local Logic, a pioneer in location intelligence, provides comprehensive, exclusive, and actionable location information to the real estate sector. These insights are critical for comprehending how the built environment influences the risk and return of real estate investment decisions.

The company plans to expand its partnerships with broker sites and MLS organizations to influence every real estate decision in the United States and Canada. Additionally, it aims to enhance its product suite with new PropTech solutions designed to democratize location insights.

Scott Kaplanis, Managing Partner at GroundBreak Ventures, expressed his excitement about contributing to Local Logic’s long-term goals.

Many factors go into making real estate investment and development decisions, and location is not often one of them. We believe in Local Logic’s mission to make cities more sustainable by bringing deep insight into location-based risk and opportunity to actors making high-consequence decisions in housing and the built environment.”

Scott Kaplanis, Managing Partner, GroundBreak Ventures

Also read: Doormat raises CA$1.25M for better real estate legal service

A milestone for Local Logic

Vincent-Charles Hodder, CEO and co-founder of Local Logic, stated that this round of funding represents a significant milestone for the company.

With an increasingly complex real estate market, our proprietary insights have become crucial in understanding location’s impact on ROI. With significant growth in size, notable partnerships, and prestigious awards, we’re at the forefront of the industry, providing actionable location-based insights.”

Vincent-Charles Hodder, CEO and Co-founder, Local Logic

Local Logic’s insights are used in the US$217 trillion global real estate market. These insights make location understandable and actionable for investors, developers, and governments around the world.

The company claims it has over 15 million monthly users. A number of renowned real estate firms, including DevMcGill, Ivanhoe Cambridge, and Midwood Investment and Development, are already using the platform. Local Logic has also formed alliances with key real estate portals and data suppliers. These include RE/MAX, Inside Real Estate, CoreLogic, Zumper, and Realtor.ca.

The latest round of funding takes the company’s overall funding to US$19 million. Local Logic raised US$6.1 million in a Series A fundraising round in 2020. Previously, in June 2017, the business received US$1.15 million in investment. Cycle Capital Management was the driving force behind the previous round.

The cash comes as the global housing industry struggles with rising mortgage rates and a persistent housing shortage. However, investors remain bullish on Local Logic’s prospects, indicating their faith in the company’s unique approach to real estate insights.

Also read: Bow River Capital boosts portfolio with Vitruvi acquisition


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