By Cromwell Schubarth on April 10, 2013.
CompStak, the 500 Startups graduate that provides a database of commercial lease information, said on Wednesday it raised $5 million in Series A funding.
The startup led by CEO Michael Mandel said that the round was led by Canaan Partners. Other investors include 500 Startups, Founder Collective and Expansion VC.
Mandel said the funds would be used to expand Compstak beyond the initial markets of New York City and the San Francisco Bay Area.
"CompStak's expansion in the CRE market and recent investment is indicative of a trend towards B2B businesses that utilize efficient scalable models previously seen only in the consumer space,” said Hrach Simonian of Canaan Partners in a prepared statement. He has joined the company's board with the new funding.
CompStak gathers its commercial real estate information through its proprietary crowdsourcing model. Real estate professionals share the lease comps they have in order to gain access to CompStak’s database.