Cherre, an Israeli startup developing a real estate data management and analytics platform, secured $50 million in funding from Trustbridge Partners. Also participating in the round, Glilot+, former Goldman Sachs Vice Chairman Mark Schwartz, as well as current investors Intel Capital, Navitas Capital, Carthona Capital.
Making data communicate
Cherre developed a platform that aggregates data from across distributed resources on the real estate market. After the data is collected, it is analyzed to fit the customer’s needs, and produce actionable insight to empower their decision making process.
CEO and co-founder at Cherre, L.D. Salmanson, explains in a chat with Geektime that the real estate sector comes with many challenges when trying to analyze massive amounts of distributed data and relaying insight effectively.
But with so many other real estate aggregators and BI tools out there, what makes Cherre unique?
“I don’t think we can be compared to other players. Data consumers looking to reach our product standards would have to purchase numerous reports, and try to make sense of it all. Or they can just use one report and generate insight based on a partial picture. The biggest challenge in our industry, which is what separates us from the rest, is effectively connecting data to produce the best insight possible.”
Cherre has not walked the usual path of company with Israeli founders; starting up in the U.S., and only now opening an R&D center in Israel. “We started operating outside of Israel because when dealing with markets, which traditionally are not looking to change like real estate, you need to be close to the customers and earn their trust,” says Salmanson.
Salmanson adds that when they founded the company, they quickly understood that the whole team needs to be in one place, therefore they couldn’t have afforded to start development in Israel. He says that “Ben and I were both in Boston when the idea for Cherre came up. And we moved to NYC in order to be closer to the customers (Banks, real estate moguls, hedge funds, etc.).
Cherre was founded in 2016 by Salmanson and Ben Hizak. The company has raised $75 million to date, and employs a team of 60 in the U.S. - and soon will onboard 20 new employees at the Israeli R&D site.