Markham-based real estate and property insights provider Real Matters has closed a $60 million round of growth equity financing, led by Whitecap Venture Partners.
Real Matters was advised on the financing by BMO Capital Markets and Infor Financial Group.
“Whitecap has played an instrumental role in guiding Real Matters in our growth and development since our early start-up days, and we are thrilled to have them on board once again for our latest round of funding,” said Real Matters president and CEO Jason Smith. “Blaine is both a longstanding member of our board and a trusted advisor to me. Whitecap’s expertise has been invaluable thus far, and will continue to be even more important as we enter the next stage in our company’s development.”
Along with the new financing, Real Matters announced that it had acquired Cincinnatti’s Southwest Financial Services, Inc., a home equity service provider that processes more than 5,000 transactions per day through its title, valuation and flood determination services.
Along with the positive cash flow and earnings that facilitated that acquisition, Real Matters says that its revenue is up 65% over the previous year.
Whitecap made its first investment in Real Matters in 2007, from its Whitecap II fund. This new round of financing comes from its Whitecap III fund.
Whitecap specializes in investments across three verticals: ICT (Information and Communications Technology), Med Tech and Food Tech.
Established in 2004, Real Matters is one of North America’s largest providers of real estate appraisals, with over 28,000 field agents working with its cloud-based platform, called redihive, as well as its iv3 business, catering to the mortgage and casualty insurance industry.
“Real Matters is one of Canada’s huge success stories, and an international leader in its field,” said Blaine Hobson, partner at Whitecap Venture Partners. “We are pleased to have provided strategic counsel and financial support to Real Matters since our seed investment in the company almost eight years ago. We are most excited by the significant potential that lies ahead.”