Late last week, reports began to emerge that CrediFi, a commercial real estate data and analytics provider that had raised nearly $30 million in funding over the last five years, was planning to close up shop.
Now, the company has confirmed that it is shutting down in a matter of days.
In a letter sent to clients and subscribers, CrediFi CEO Ely Razin stated that the company is shutting down its data platform “over the coming days.”
Razin’s admission came in an email to clients offering them a chance to “get great data at close-out prices,” with the email simultaneously confirming the company’s fate and offering clients one last chance to buy the company’s data offerings.
“It has been our pleasure to serve the CRE community with our market-beating data about Real Estate Financing and Ownership information. Unfortunately, as you may have heard, we are shutting down the CrediFi data platform over the coming days,” Razin said in the email.
“This presents a unique opportunity for you. During these last few days, you’ll now be able to buy our powerful data to help drive your business, at closeout prices!,” the email continued. “Were [sic] offering you the last chance to purchase top-notch CRE data such as; property information, loans coming due, owners’ and their portfolios.”
The undoing of CrediFi came quickly, as it was just a few months ago that the company was adding “top tier clients.”
Nearly a year ago, the company raised $6 million from a number of investors, including Liberty Technology Venture Capital II, and joined by investors Mitsui Fudosan, one of Japan’s leading real estate investors, and Maverick Ventures Israel.
Several of the company’s existing investors also participated in the funding, including Battery Ventures, Viola Ventures and crowdfunding site OurCrowd.
That funding brought CrediFi’s total capital raised to $29 million.
But the company is now days from shutting down.