Financing round will propel growth in key areas such as customer penetration, expanded product lines, and go-to-market teams
MONTREAL , Aug. 2, 2023 /CNW / - Local Logic , a leading location intelligence insights provider that quantifies location at scale to drive better real estate decisions, today announced the close of $13 million in Series B financing led by GroundBreak Ventures and Investissement Québec. The round also included participation from a notable group of investors, including Band Capital Partners, an affiliate of Triovest Realty Advisors, Cycle Capital, Desjardins Group, Jones Boys Ventures, Second Century Ventures, and Shadow Ventures. Local Logic plans to leverage this new funding to help the real estate industry further understand and predict the impact of location.
In today's fast-changing real estate landscape, Local Logic provides the industry with granular, proprietary, and actionable location insights to understand how the built world impacts the risk and return of real estate investment decisions of all scales and at all levels of sophistication. The new financing will help accelerate the company's predictive capabilities, which allow users to predict latent demand for housing and understand how neighborhoods evolve. Moving forward, the company will look to expand its partnerships with broker sites and MLS organizations to impact every real estate decision in the United States and Canada . In addition, Local Logic will augment its product suite with new PropTech solutions geared to democratize location insights.
"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," shares Scott Kaplanis , Managing Partner, GroundBreak Ventures. "We're excited to contribute to the company's long-term goals of uncovering more critical location insights to inform consumers and real estate investors."
"We are proud to support two rising-star entrepreneurs in this new round of financing, " stated Guy LeBlanc , President and CEO of Investissement Québec. "With our partners in Québec's financial ecosystem, we will endeavor to fill the gaps in the capital chain and further the emergence of new technologies, from conception to sales."
Beyond empowering investment decisions, Local Logic also provides insights to help governments make policy and regulation decisions regarding residential real estate that impact the sustainability and livability of our cities.
Vincent-Charles Hodder , CEO and co-founder of Local Logic, expressed, "This round of funding represents a significant milestone for Local Logic. 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."
The company's insights are used across the $217 trillion real estate market, making location universally understandable and actionable for investors, developers, and governments. Over 15 million monthly users leverage its consumer solutions. This round brings the total funding to $19 million .
Local Logic and its CEO, Vincent-Charles Hodder , will be at Inman Connect in Las Vegas from August 8-10 .
Local Logic is a location intelligence platform that digitizes the built world for consumers, investors, developers, and governments – delivering unrivaled clarity and actionable insights capable of creating more sustainable, equitable cities. With more than 85 billion unique data points – the largest unique location data set in the U.S. and Canada – the platform creates a digital twin of cities, quantifying the built world and offering predictive, precise analytics to inform the present and future of over 250 million individual addresses.
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GroundBreak Ventures™ is a venture capital firm specializing in real estate and property technology. We invest as early as the pre-seed stage, and provide both the capital and the domain expertise necessary to support the growth of our entrepreneurs, and the businesses they work tirelessly to build. Our firm is based in Toronto and supported by Hopewell ® , a multifaceted real estate organization with operations in Toronto , Vancouver , Calgary , Edmonton , Winnipeg and Arizona . Over its nearly 40- year history, Hopewell ® has built extensive industry networks and deep expertise in residential and commercial development, homebuilding, property management and logistics. The company has embraced innovation; a willingness to adopt new technology is a key differentiator in its approach to business.
Investissement Québec's mission is to play an active role in Québec's economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province's administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from its CRIQ business unit. In addition, through Investissement Québec International, the Corporation also prospects for foreign investment and assists businesses with export activities.
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