Altrio today announced recently that it has raised $8 million.
The Toronto-based startup secured the capital in a Series A round led by Whitecap Venture Partners. The investment included participation from Mantella Venture Partners, Alate Partners, and Colliers.
Altrio plans to use the funding for multiple purposes, including double their headcount from approximately 25 to 50 by the end of this year. The company also intends to accelerate development of its product roadmap.
The Canadian startup believes it solves a significant problem for the institutionally managed commercial real estate market, which is currently valued at $11 trillion and expected to grow significantly over the next two decades. Real estate investors, managers, lenders, borrowers, and brokers “often lack the data they need to invest with confidence and the workflow automation capabilities they need to get deals done fast,” according to Altrio.
“Companies that invest in real estate are not satisfied with traditional deal management platforms that focus exclusively on deal tracking,” explains Raj Singh, CEO. “So, they have enthusiastically embraced our more data-driven approach to deal management, which enables them to leverage their proprietary information to invest with greater conviction and move quickly on competitive deals.”
The company’s flagship product is Origin, a data-driven cloud-based deal management platform.
Origin “provides a single source of truth about an organization’s investment pipeline, owned assets, and proprietary market knowledge,” says Altrio, which reduces the time required to perform administrative tasks. It also keeps team members coordinated and streamlines the flow of information across a company’s global operations.
“In addition to the significant growth we have seen in our customer base, the ability to secure this investment in just three months at a time when market conditions are particularly challenging, is a testament to the value that Origin delivers to real estate investors,” said Singh.
Shayn Diamond, partner at Whitecap Venture Partners, will join the Altrio board of directors.
“Altrio’s solution is unique in the market in that it combines process automation with robust data management,” he believes. “This ensures that real estate investors have a single solution to manage their entire investment process and keep track of everything needed to get a deal done, from a first look to final close.”
Altrio was founded in 2020. The startup closed a seed financing round led by N49P and QuadReal Property Group last summer.