22 Apr, 2021, 09:00 ET
NEW YORK, April 22, 2021 /PRNewswire/ -- Cherre, the industry's leading real estate data management and analytics platform, today announced it has raised $50 million in growth funding led by Trustbridge Partners, a leading growth equity firm. Additional participants in this round include new investors Glilot Capital Partners and former Goldman Sachs Vice Chairman Mark Schwartz, as well as current investors Intel Capital, Navitas Capital, Carthona Capital, and an expanded growth relationship with Silicon Valley Bank. This new round will enable Cherre to continue to aggressively expand platform offerings, introduce and integrate additional partner data sets and applications, launch its customer advisory board, and grow the team to support its rapid customer growth.
In 2020, Cherre grew incredibly fast and signed global enterprise customers across technology, asset management, commercial brokerage, and P&C insurance. Cherre also added almost 40 new data connection partners, including the most important vendors in the real estate industry, and increased ARR 3x from last year, resulting in significant inbound interest from many investors for this round. Cherre selected Trustbridge Partners to lead the round based on their dedication to long-term support for successful founding teams, their company values, and their passion for leading digital transformation in the real estate space.
"Cherre is an incredible, values-driven organization with an exceptional team. We are thrilled to have the opportunity to partner with L.D., Ben, and the Cherre team in the next phase of their remarkable growth," said Dan Sullivan, Vice Chairman at Trustbridge Partners. "The technological infrastructure and high-quality data underpinning Cherre's platform are unparalleled. The resulting value proposition to both customers in providing a single source of truth for real estate data as well as to data partners in driving distribution is incredibly compelling. We look forward to a long-term partnership with Cherre," added Yoon Chang, co-head of the US investment team at Trustbridge Partners.
Lior Litwak, Managing Partner at Glilot and Head of Glilot+, the firm's early growth fund, added, "CRE is a massive sector that continues to grow quickly across the globe, yet it lacks the digital data infrastructure of other financial sectors. We believe that Cherre has built the right solution for addressing the data needs of all CRE players – a unique platform that combines seamless connection with a broad range of datasets with a well-crafted knowledge graph architecture. We are excited about Cherre's tremendous growth and market leadership, and are thrilled to join their journey to transform how the CRE industry utilizes data to generate valuable insights."
Trustbridge Partners is a global growth-oriented private equity firm founded in 2006 with approximately $11 billion under management. Glilot Capital Partners is one of Israel's top performing VC funds with nearly $500M under management and a focus on enterprise software and cybersecurity venture capital investments.
"Our rapid growth last year led to interest from the largest investors in the world," said L.D. Salmanson, Cherre CEO and Co-Founder. "However, selecting partners was actually very easy as Trustbridge, Glilot, and all our investors in this round, are equally passionate about aggressively changing the world while embodying and staying true to our values."
In addition to Trustbridge and Glilot, Cherre will be adding strategic investment partners including former Goldman Sachs Vice Chairman, Mark Schwartz.
Cherre seamlessly connects all disparate real estate data into a single source of truth, empowering companies to instantly explore all their connected data for immediate and actionable insight. Cherre is the largest real estate knowledge graph in the world, and is trusted by the industry's most important stakeholders to deliver mission-critical performance and reliability.
Cherre is the leader in real estate data and insight. We connect decision makers to accurate property and market information, and help them make faster, smarter decisions. By providing a unique "single source of truth," Cherre empowers customers to evaluate opportunities and trends faster and more accurately, while saving millions of dollars in manual data collection and analytics costs. Cherre launched in 2016 and is located in New York City.
Cherre Media Contact
Sean Welch/Ashley Waters
About Trustbridge Partners
Founded in 2006, Trustbridge Partners is a growth-oriented private equity firm with offices in Boston, Shanghai, and Hong Kong. With $11 billion in assets under management, the firm invests globally in innovative, high-quality growth opportunities in various stages across technology, healthcare, and media. Founded and managed by entrepreneurs and operators, Trustbridge provides patient, long-term capital, and partners with management teams building products and services that improve lives globally.
About Glilot Capital Partners
Glilot Capital Partners is one of Israel's leading venture capital firms. Consistently ranked by Preqin among the top five best performing venture capital funds in the world, Glilot has made more than 30 investments and had 10 successful exits to date. Glilot Capital Partners was established in 2011 by experienced entrepreneurs and has raised five funds to date, including early-growth fund Glilot+, with total assets under management at nearly $500 million.
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