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Inman has learned that Local Logic, which supports real estate agents with local marketing insights and data, has secured a Series B cash influx of $13 million.
The company said in an Aug. 2 announcement that the round was led by GroundBreak Ventures and Investissement Québec. The funds will go toward general operations and services expansion to help the space “better understand the impact of location,” according to the announcement.
“With an increasingly complex real estate market, our proprietary insights have become crucial in understanding location’s impact on ROI,” said Vincent-Charles Hodder, CEO and co-founder of Local Logic, in a statement. “This round of funding represents a significant milestone for Local Logic.”
The company’s core competency rests in integrating local data and market trends to guide brokerages and agents in marketing and listing positioning decisions, as well as any other business efforts that rely on demographics and regional business activity. It identifies trends and offers content to support them, using data and a proprietary scoring system from more than 300 million properties in the U.S. and Canada, 90,000 neighborhoods, climate insight and many other community points of concern.
Users of Local Logic can turn its information into any form of marketing content, from social media campaigns to postcard mailers. It’s also beneficial for listing presentations and home tours, among other sales tactics.
In the midst of an overall healthy but plodding market, real estate agents are becoming keen on the value of what’s happening where they live, focusing on past clients and those in their regional sphere of influence. Leads, in short, are hard to come by.
Inman reported today that homebuyer demand for purchase loans dipped for the third week in a row last week as mortgage rates continued to climb toward 7 percent on worries that the Federal Reserve has yet to tame inflation.
Additionally, the typical starter home sold for $243,000 in June, 2.1 percent higher than June 2022 and 45 percent higher than before the COVID-19 pandemic, according to an Inman report, citing a Redfin study. In addition, prices for starter homes continue to rise because so few are available, creating more competition for the houses.
“Beyond empowering investment decisions, Local Logic also provides insights to help governments make policy and regulation decisions regarding residential real estate that impact the sustainability and livability of cities,” the announcement reads.
A number of other entities participated in the funding, namely Band Capital Partners, an affiliate of Triovest Realty Advisors, Cycle Capital, Desjardins Group, Jones Boys Ventures, Second Century Ventures and Shadow Ventures.
Second Century is the National Association of Realtors’ venture capital arm and for-profit subsidiary. It’s in charge of REACH, a technology accelerator program.