Montreal-based proptech and artificial intelligence (AI) startup Local Logic has secured $8 million CAD in Series A financing, led by GroundBreak Ventures and held in November 2020. This round consisting of equity and debt also included other participants like Shadow Ventures, BDC Capital, Jones Boys Ventures, Cycle Capital, and Desjardins Capital. This latest round brings the company’s total funding to date to $10 million CAD.
This fresh capital will be used by the startup to double its current team, which consists of 26 people, in the coming year. The company also aims to increase its presence in the United States in terms of the number of clients and data, along with the depth of insights offered on Local Logic’s platform.
What the founder has to say
“As our communities continue to undergo increasingly rapid economic and social shifts, it is vital that consumers, real estate professionals and urban planners have a role in shaping their future,” said Vincent-Charles Hodder, founder and CEO at Local Logic.
“With the backing of our new investors, we are now in a prime position to expand our platform and begin to not only reimagine the way our cities are planned, built, and experienced, but to better represent the needs of those who inhabit them,” he added.
About Local Logic
Founded in 2015, Local Logic focuses on helping real estate websites provide their customers with places that match their preferences, in great locations. The company’s AI-based algorithm seeks to give real estate investors, developers and other professionals a more holistic idea of a given market and its related consumer demand.
The startup claims to have 30 billion data points on its platform and also declares that they have the largest unique location data set in Canada and the US. Local Logic has formed partnerships with many renowned real estate developers and property management companies in Canada and the US like DevMcGill and Ivanhoe Cambridge, and also, leading real estate portals and data providers such as RE/MAX, Zillow, CoreLogic, Royal Le Page, and Realtor.ca.
About GroundBreak Ventures
Groundbreak Ventures is an early-stage venture capital firm headquartered in Toronto, Canada. It was founded by Scott Kaplanis Sanders and Lee Tyler Ashby in 2019. The company specialises in real estate and property technology. Their mission is to take the threats faced by the traditional real-estate market and turn them into opportunities. GroundBreak Ventures is supported by Hopewell, a multi-faceted real estate organization with an extensive industry network and deep domain expertise in residential and commercial development, home building, property management and logistics.
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