Proptech firm Dealpath just announced closing a $43 million Series C round of financing, led by Morgan Stanley Expansion Capital and including such existing investors as Blackstone, 8VC, JLL, Nasdaq Ventures, and GreenSoil PropTech Venture.
According to startup information site Crunchbase.com, Dealpath has raised a total of $67.1 million. It had its first seed investment round in 2014 and a Series-A round in 2016. In 2020, the company had two venture rounds.
“Dealpath has a post-money valuation in the range of $100M to $500M as of Sep 8, 2022, according to PrivCo,” Crunchbase noted. “Dealpath uses 32 technology products and services including HTML5, Google Analytics, and jQuery, according to G2 Stack. Dealpath is actively using 64 technologies for its website, according to BuiltWith. These include Viewport Meta, iPhone/Mobile Compatible, and Google Analytics.”
Dealpath has a “cloud-based real estate investment management platform, providing real-time access to vetted, secure, up-to-date investment data to empower collaboration, strategic, and predictive decisions,” according to the release.
“This funding will be used to accelerate Dealpath’s rapid global expansion, grow the product, sales, customer success and executive leadership capabilities and continue to drive operational excellence to meet the growing needs of their clients,” the company said.
The company has been on a growth spurt, “nearly doubling” the number of employees to 100, with offices in San Francisco, New York City, and now Toronto.
According to a post by CEO Mike Sroka, the company looks to provide “centralized, real-time data, workflow automation, and effective collaboration” for investment teams.
The company claims to offer “the only enterprise-ready software that provides vetted, real-time deal information, together with integrated workflows of associated documents, tasks, and communications, empowering smart investment decisions with data-driven insights and digital collaboration.”
That might be true, but it seems difficult to envision that other vendors wouldn’t challenge the interpretation.
What does seem realistic, though, is that software in general could offer important tools for investment teams, whether through the offer of data, remote collaboration, and workflow automation.
But the typical tech push for hype, like the claim of being the “most trusted deal management solution,” should make companies wary. Rarely, if ever, does software fully live up to its self-created claims, especially as that may entail embracing operational processes that don’t fit with a company’s existing practices.