Published in Finance
Grand Ventures McKeel Hagerty (left) and Tim Streit (right) Grand Ventures McKeel Hagerty (left) and Tim Streit (right) COURTESY PHOTO

Grand Ventures leads investment round in California fintech firm

BY Friday, October 18, 2019 12:17pm

GRAND RAPIDS — Grand Ventures led an investment round in CRE Simple Inc., an Oakland, Calif.-based fintech firm focused on commercial real estate.

The Grand Rapids venture capital firm led the round with Fin Venture Capital in San Francisco. Two Chicago-based firms, Darkknight Ventures and Sandalphon Capital, along with Durham, N.C.-based Duke Angel Network and other private investors joined the investment round.

The company’s CRE Simple platform automates commercial real estate lending, resulting in faster processing of credit requests by digitally connecting brokers, borrowers and capital providers.

“I’ve worked in enterprise fintech for 14 years and it’s incredibly challenging to change the way businesses collaborate and communicate,” said Tim Streit, founder and general partner at Grand Ventures. “We believe the CRE Simple team has the potential to reinvent CRE financing through connected platform technologies — and introduce the future of commercial real estate.”

CRE Simple plans to use proceeds from the capital round to accelerate growth by adding sales, marketing and product development staff.

“Financing is the backbone of the commercial real estate industry, offering rich opportunities to apply technology to reinvent the market,” said Laura Millichap, co-founder and president of strategic accounts at CRE Simple. “Data accuracy, intelligent automation, and market networks are required to deliver more efficient transactions. We are excited to be working with strategic investors and partners to simplify commercial real estate market.”

Terms of the deal were undisclosed.

Grand Ventures recently closed on raising $28 million for its first venture capital fund that targets promising early-stage investments in tech companies, as MiBiz previously reported.

Read 1691 times Last modified on Friday, 18 October 2019 12:22