Montreal-based Local Logic, which specializes in real estate and urban planning data management software, is raising $17 million in development funds from a group of eight venture capital firms.
With this funding round led by Toronto-based GroundBreak Ventures and Investissement Québec, Local Logic has raised to nearly $25 million the amount of development capital it has raised in three financing rounds since its founding in 2015.
Meanwhile, Local Logic has achieved a first phase of strong growth.
Its direct and billed clientele includes around 100 companies and organizations involved in real estate asset management and urban planning in Canada and the United States.
This first-level clientele then generates traffic of up to 15 million users per month in the real estate software and databases developed by Local Logic.
The company’s workforce has also grown significantly over the years. Local Logic employs around 60 people at its head office in Montreal and telecommutes from Toronto, Ottawa and the United States.
With this new contribution of 17 million in development capital, Local Logic wants to accelerate the development of new products and services in data management and analysis in real estate and urban planning.
Also, Local Logic wants to step up its market expansion efforts in the United States, especially since its real estate data collection and processing systems already list some 250 million addresses of residential or commercial buildings across the country. continent.
Local Logic’s target customers span three segments of the broad real estate industry: real estate business stakeholders (brokerage firms), real estate investors and developers, and city planning and land management departments. municipal administrations.
Therefore, with this new financial support, the CEO and co-founder of Local Logic envisions a new growth spurt that could “quadruple the company’s revenue within 18 to 24 months”.
As a bonus, Vincent-Charles Hodder also suggests, Local Logic could accelerate its break-even point. This is a difficult step, but crucial for the viability and valuation of an innovative company from the point of view of its financial backers.
“We are very pleased to have completed this other round of financing with such a group of investors,” said the co-founder of Local Logic.
“We find ourselves in the right place at the right time, with the right team and the technical and financial resources at our disposal to pursue business opportunities in Canada and the United States. »
Activities: development and management of data collection and processing systems in real estate and urban planning
Workforce: 60 employees
Year of foundation: 2015
Major Capital Investors: GroundBreak Ventures (Toronto), Investissement Québec, Band Capital Partners (Calgary), Cycle Capital (Montreal), Mouvement Desjardins, Jones Boys Ventures (Dallas), Second Century Ventures (Chicago), Shadow Ventures (Atlanta)