Keyway Announces $25M Series A to Scale Commercial Real Estate Transactions Platform
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NEW YORK, June 21, 2022 (GLOBE NEWSWIRE) — Groove, a technology platform that radically simplifies commercial real estate transactions under $20 million, today announced $25 million in Series A funding. The round was led by Camber Creek with participation from existing investors Canvas Ventures, Crosscut and Montage Ventures. Thomvest and Parker89 also participated in the round.
Keyway plans to use the funding primarily to invest in its technology and machine learning (ML) that are redefining the way commercial real estate under $20 million is traded. The company previously raised $15 million in seed funding led by Canvas Ventures and over $100 million in debt funding.
Keyway is on track to process four times the volume in the first half of the year than in all of 2021. The company expects to facilitate at least $200 million in transactions by the end of the year. year, with an initial focus on sale-leaseback and expansion solutions for medical, dental and veterinary practices. “We want to change the trajectory of medical practices by providing them with real estate solutions to help them achieve their goals, whether they are looking for cash, capital to grow or creating wealth through real estate”, said Matias Recchia, co-founder. and CEO of Keyway.
“It is clear that technology has completely changed the space of single-family dwellings. We see equally great potential in the commercial real estate sector and are delighted that Keyway is leading the way,” said Jake Fingert, Managing Partner at Camber Creek. “We look forward to the progress the team will continue to make with this round of Series A.”
“We have been impressed with Keyway’s growth since leading the previous round and are excited to continue supporting Keyway’s position at the intersection of fintech and markets,” said Rebecca Lynn, Managing Partner at Canvas Ventures.
Keyway dramatically simplifies transactions under $20 million by reducing fees by 50% and transaction time by 90%, benefiting brokers, sellers and buyers. Keyway also fills an important gap for institutional investors who are not structured to handle smaller transactions but are looking to build diversified portfolios. Keyway handles provisioning, underwriting, closing and asset management with a full technology stack.
Keyway offers fair pricing, speed, and certainty of closing for sale-leasebacks and expansions, giving smaller operators flexibility and a range of alternatives they wouldn’t otherwise have. “I was looking to free up capital to grow my business. Partnering with Keyway was exactly the solution I needed – I was confident the offer and process was fair, simple and quick, so I was able to stay focused on my business,” said Seth Franz, Founder of Great Lakes Behavioral Partners.
“Keyway’s platform is designed to deliver creative and effective real estate solutions to investors and small operators,” said COO and co-founder Sebastian Wilner. “We see a tremendous product marketplace that aligns with our approach which, in turn, advances our goal of being the nation’s preferred platform for transacting commercial real estate transactions under $20 million.”
To learn more about Keyway, visit whykeyway.com
About Keyway
Keyway is the commercial real estate platform that allows small and medium-sized businesses to easily and quickly achieve their goals. The company starts with a sale-leaseback solution to provide business owners with capital to invest in their growth. The company launched in 2021 and is headquartered in New York.
About Camber Creek
Founded in 2011, Camber Creek is an institutional venture capital firm that invests in companies that transform and scale the real estate industry. Over the past 11 years, the firm has established itself as the premier real estate technology venture capital firm by consistently delivering industry-leading returns to investors, driving value for its portfolio of start-ups and generating successful business exits. Today, Camber Creek has over $600 million in assets under management with offices in New York, San Francisco and Washington, D.C.
About Canvas Ventures
Founded in 2013, Canvas Ventures is a San Francisco Bay Area-based boutique venture capital firm with $835 million in assets under management. Canvas is leading Series A investments in key areas including Fintech (Brace, Gabi, Roofstock), Digital Health (Airvet, Vida), Enterprise (Luminar/LAZR, Robocorp, Vendia), Logistics (Transfix, MasonHub) and Marketplaces ( Darwin Homes, Zola). Rebecca Lynn, Paul Hsiao, Mike Ghaffary and Gary Little are the firm’s general partners, and they are also known for investments made prior to joining Canvas, including Lending Club (LC), Doximity (DOCS), MuleSoft (MULE) , Check (acquired by Intuit), Upwork (UPWK), and Houzz.
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Source: Keyway