MONTREAL--(BUSINESS WIRE)--Local Logic, a location intelligence platform that provides powerful insights for homebuyers, real estate professionals, and developers, today announced that it has raised a total of $8 million CAD ($6.1 million US) in funding.
The funding includes equity and debt, with participation from Shadow Ventures, BDC Capital, Jones Boys Ventures, Cycle Capital, and Desjardins Capital. The round was led by GroundBreak Ventures, a Toronto-based VC focused on Property Technology.
Local Logic offers the single largest location intelligence data set in North America — incorporating over 30 billion data points spanning more than 200 million properties across the U.S. and Canada. By combining traditional real estate data, such as property history, demographics, and market comparisons, with a vast trove of other alternative data sources, its platform brings transparency to the real estate market by building a digital representation of cities and analyzing how external factors such as noise, vibrancy, walkability, transit access, and quality of schools impact market demand.
Local Logic’s location intelligence allows for a new breed of placemaking — one driven not by gut feeling and intuition, but by data encompassing all the elements of the real estate market and the built environment. Through access to accurate, real-time data, Local Logic seeks to empower the public and private sectors to understand and respond to the needs of citizens — creating long-term value and more equitable, resilient places to live.
“The real estate market and the broader world seem to be in a near perpetual state of evolution. As our communities continue to undergo increasingly rapid economic and social shifts, it is vital that consumers, real estate professionals and urban planners alike have a role in shaping their future,” said Local Logic Founder and CEO Vincent-Charles Hodder. “At Local Logic, we believe that a data-driven approach to location intelligence is the key to developing this shared vision. With the backing of our new investors, we are now in a prime position to expand our platform and begin to not only reimagine the way our cities are planned, built, and experienced, but to better represent the needs of the citizens that inhabit them.”
Local Logic’s one-of-a-kind platform empowers a wide range of customers by providing robust insights on not just properties, but the broader built environment in which they exist.
By providing highly accurate, real-time data and analysis that help them better understand a neighborhood’s complex ecosystem, Local Logic’s proprietary platform guides homebuyers, apartment seekers and their real estate agents to properties and locations that fit their individual preferences.
Local Logic also equips real estate investors, developers and other professionals with a more holistic picture of any given market and related consumer demand. This analysis creates new levels of certainty around property-level attributes that have long been treated as subjective, helping them to determine the highest and best use of any specific asset and enabling more accurate, efficient, and successful investment decisions.
“We have been impressed by Local Logic’s ability to capture and analyze unparalleled levels of data at the property level within the context of the broader built environment,” said Scott Kaplanis of GroundBreak Ventures. “Recent shifts in preferences – many of them brought on or accelerated by the COVID-19 pandemic – have created an uncertain environment for homeowners, real estate agencies, landlords, developers and investors. Local Logic provides these stakeholders with powerful tools capable of providing real-time insight into demand drivers that will shape cities and communities in the future.”
Proceeds from the Series A funding will be used to bolster recruitment and continue the growth of the platform across North America.
“Local Logic’s proprietary data mix is among the most unique we’ve seen in the sector and it’s going to help a lot of U.S. based real estate developers make smarter investment decisions, both from a site selection and a tenant mix perspective. The early adopters are in for a treat,” said KP Reddy, Founder and CEO of Shadow Ventures.
Local Logic has formed partnerships with numerous leading real estate developers and property management companies, including DevMcGill, Ivanhoe Cambridge and Midwood Investment and Development, as well as leading real estate portals and data providers such as RE/MAX, Inside Real Estate, CoreLogic, Zumper, Realtor.ca, and more.
Local Logic is headquartered in Montreal, Quebec.
About Local Logic
Local Logic is a data and analytics platform that quantifies the qualities of any given location — from suburban homes to urban high-rises and retail. Founded by a team of urban planners, engineers, data scientists, and real estate experts, the company combines geospatial, user-generated, and real estate data to offer a holistic perspective on cities, the way people perceive and value it, and how technology can introduce transparency into the real estate market. Its consumer facing tools can be found on websites such as REMAX.com, Zumper, Realtor.ca and more.
With more than 30 billion unique data points — the largest unique location data set in the U.S. and Canada — Local Logic offers predictive, precise analytics to inform decision makers building and investing in the urban environment. The company has formed partnerships with numerous leading real estate developers and property management companies, including DevMcGill, Ivanhoe Cambridge and Midwood Investment and Development.
Learn more at locallogic.co.