Montreal-based proptech startup Local Logic has recently raised $13 million CAD in Series B funding, with the goal of revolutionizing real estate decisions. The funds will be used to support the company’s expansion in the United States and create new data products.
Local Logic aims to provide predictive and prescriptive artificial intelligence (AI) solutions to help customers make informed decisions regarding location-based risks and opportunities in real estate. The company’s platform currently boasts over 85 billion unique data points, allowing it to create detailed digital representations of cities.
The funding round was led by GroundBreak Ventures and Investissement Québec, with participation from various other investors including Band Capital Partners, Cycle Capital, Desjardins Group, Jones Boys Ventures, Second Century Ventures, and Shadow Ventures.
Local Logic describes its platform as a location-intelligence tool that digitizes the built environment. With the largest unique location dataset in the US and Canada, the platform generates digital representations of cities and provides predictive analytics for over 250 million individual addresses.
The startup plans to expand its partnerships with broker sites and multiple listing service (MLS) organizations, aiming to influence every real estate decision in the United States and Canada.
According to Local Logic co-founder Vincent-Charles Hodder, the built environment significantly impacts how people move around. Factors such as nearby amenities and accessibility to public transportation greatly influence homebuyers, developers, and investors. By quantifying and analyzing these factors through data, Local Logic aims to provide valuable insights to its customers.
Local Logic currently serves around 100 enterprise customers, with over 15 million users accessing the platform each month. The startup operates on a business-to-business (B2B) and business-to-business-to-consumer (B2B2C) model, offering its data-as-a-service through a recurring fee.
The origins of Local Logic trace back to 2015 when Hodder and co-founders Gabriel Damant-Sirois and Colin Stewart met at McGill University’s School of Urban Planning. They recognized the lack of objective data and metrics in the real estate industry and aimed to build a tool that could provide quantifiable information to accelerate decision-making processes around location.
The importance of location-based data has only grown over time. Factors such as wildfire or flooding risk are now key considerations for buyers, developers, and investors. Local Logic seeks to offer visibility into the past, present, and future of locations, enabling customers to make informed decisions based on their lifestyle and goals.
This Series B funding follows Local Logic’s previous $8 million CAD Series A round in 2020, and a $1.15 million funding round in 2017 led by Cycle Capital Management. With the new funding, the startup plans to expand its team, adding new roles in the US as well as more engineers in Montreal.
The demand for data and analytics in the commercial real estate and proptech industries is growing rapidly, and Local Logic aims to meet this demand by providing valuable insights to its customers. The startup’s innovative approach to digitizing the built environment holds the potential to transform real estate decision-making, benefiting both industry professionals and individuals looking for their ideal location.
