By Danny Shachar on February 10, 2014.
ATLANTA, GA AND NASHVILLE, TN (PRWEB) FEBRUARY 10, 2014
The startup, which received $4.5 million in a Series A funding in March 2013, is also announcing that it plans to double its market coverage by mid-year 2014. After successfully expanding into seven new markets last year, CompStak will focus expansion efforts on the Northeast, Southeast and Texas regions for the first half of this year.
CompStak has already collected a substantial number of lease comps for the Greater Atlanta and Nashville markets. The startup is now providing data to the biggest names in commercial real estate, including Tishman Speyer; Empire State Realty Trust, owner of the Empire State Building; Beacon Capital, Brickman, Sitt Asset Management, Madison International Realty and bank Wells Fargo.
“The climate in the Southeast is perfect for CompStak,” said CompStak CEO Michael Mandel. “Nashville is buzzing with investor interest and Atlanta is the largest hub of activity in the region. These are just the first two southeastern markets that we’ll approach this year. We have big plans in store, so stay tuned.”
Using a unique crowdsourcing model, CompStak offers a free service to commercial real estate professionals. When brokers submit information about commercial real estate deals, they earn credits, a form of virtual currency, which they may use to access details of other transactions. The process of digging up lease comps used to be a murky and painstaking one, with brokers and other commercial real estate professionals calling each other individually and tracking down data over the phone or via email.
Commercial real estate brokers, appraisers and researchers can share comps on CompStak, and ￼real estate investors can sign up for subscription access at http://www.CompStak.com.
CompStak is the world’s first comprehensive database of commercial lease information. CompStak gathers its information through a proprietary crowd-sourced model, which offers virtual currency for real estate professionals that provide information to CompStak and allows them to use this currency to acquire the data they need. By incentivizing the holders of this valuable information to provide it to CompStak’s database, CompStak enables a marketplace that makes the commercial real estate market more efficient for all participants. This model, combined with analyst review, results in an incredibly comprehensive and accurate database of lease information.
The company’s investors include Canaan Partners, 500 Startups, Founder Collective and Expansion VC. Learn more @compstak and http://www.compstak.com