After A Banner Year Of Company Milestones In 2022, Dealpath Extends Leadership Position & Continues Growth In 2023
NEW YORK–(BUSINESS WIRE)–Dealpath — the industry’s most trusted, purpose-built real estate platform, empowering hundreds of today’s leading institutions such as Blackstone, AEW, Oxford Properties, Nuveen, Principal Real Estate, and Bridge Investment Group to invest digitally in the built world — enters 2023 confident about its growth and the opportunities ahead after a momentous 2022. Having compounded a high rate of revenue growth, and quickly surpassed 100 Full Time Employees including big hitter additions to its Leadership team, Dealpath has, to date, empowered over $10 Trillion in transactions and supports 7 of the top 10 institutional investors through its platform.
“After a year of immense growth for Dealpath, we have come into 2023 ready to build upon the incredible traction we gained in 2022, and are excited about what’s to come,” said Mike Sroka, CEO and Co-Founder of Dealpath. “Our team will remain committed to our core mission to serve as the commercial real estate industry’s leading deal and portfolio management command center, we remain optimistic that the digital transformation of real estate will endure as business needs and priorities continue to evolve in real-time.”
Strategic Partnerships With CRE & PropTech Industry Leaders
Dealpath kicked off 2022 strong in February, announcing it had been selected by Nuveen Real Estate to be its exclusive deal management solution. Through this partnership, Nuveen accelerated its digital and cloud migration strategies, enabling them to scale its global pipeline to enhance investment optionality and systematize data-driven investment decisions. In April, Dealpath announced an integration partnership with global real estate leader MRI Software, which bridges front-end and back-end systems to deliver streamlined data-driven insights and bolstered portfolio visibility and accuracy. In September, Dealpath announced a strategic integration partnership with Cherre, which enables Dealpath clients the ability to seamlessly connect their pipeline and portfolio analytics into Cherre’s CoreConnect platform, offering deeper visibility and insights to drive core investment strategies, underwriting, and performance.
Steady Stream of Product Innovation
Throughout 2022, Dealpath released numerous new products and capabilities on its platform to enhance its suite of tools available to its rapidly growing customer base:
Dealpath Mobile: Deal teams can now track, manage, screen, analyze and update deals on the go from the user-friendly iOS app. Investment teams can now:
- Manage their pipeline and add new deals on the go
- View the latest updates on all deals, including complete transaction workflow details
- Collaborate with their deal teams by assigning, updating and approving tasks
- Access all key asset and underwriting information from their mobile phone
- Dealpath Data Ingestion (DDI): Building on the ingestion capabilities offered since 2020, DDI automates the extraction and ingestion of OMs into Dealpath quickly and accurately, reducing much of the manual data entry work and allowing deal teams to react to new opportunities instantly.
- Power Search: To give customers greater power in how they search and manage their deal management database, Dealpath has released its Power Search feature, an exceptionally fast search tool. Power search allows all users on your team to instantly search across documents, tasks, comments, contacts, deals and properties to locate the data you’re looking for in a matter of seconds. Using advanced OCR technology, the feature can even scan through text within images, allowing data stored within PDF documents or images, that were previously frustratingly unsearchable, to be searched & located with ease.
- Deal Closing Approval Workflow: Commercial real estate deals have sophisticated and complex approval workflows. Debt teams need to manage multi-approval Loan Closings, while Equity Teams require Investment Committee approvals, to name just a few. With Dealpath’s Closing Approval Workflow (aka Task Approvals), investment teams can now assign, track and record all necessary approvals from deal creation to close in one centralized place.
- Fund Allocations: Customers can track the allocation of deals to relevant funds and can manage their family of funds and which asset type(s) are relevant for each fund. Most importantly, the Fund Allocation tool can ensure that funds are sequenced & rotated fairly across relevant investment opportunities.
- Custom Notifications: Dealpath released a versatile & powerful data monitoring & notification tool in 2022, ensuring that all teams are immediately notified when important data is updated on any deal. Users can now create an unlimited number of custom notifications based on each customers’ unique workflow and Deal and/or Property criteria to ensure they’re up-to-date on every opportunity.
- Reporting Enhancements: Dealpath has advanced its Business Intelligence layer and reporting visualizations through numerous enhancements, offering a high level of flexibility and formatting control unlike any other deal management software in the market.
- Sandbox Environments: Sandboxes are worry-free testing environments to test changes and configurations in Dealpath, without affecting live deals, data or day-to-day users.
Expanding offices in North America and Global support
Dealpath expanded across offices in San Francisco, New York City, Toronto, and Austin.
Key Appointments Of Real Estate Industry Veterans
In addition to expanding its office locations, the company also made key additions to its leadership team to help steer the company’s growth throughout 2022. In February, industry veterans Thomas Byrne and Rob Cain were appointed as Executive Director and Senior Vice President of Product, respectively. Byrne joined Dealpath from VTS, where he held several leadership roles including General Manager of VTS Marketplaces and VTS Market. Cain joined Dealpath after a decade-long career at CoStar, a leading provider of commercial real estate information, where he most recently served as Vice President of Product Design. To kick off 2023, Dealpath made another key addition to its leadership team, announcing the appointment of Peter Ekman as VP of People. In this role, Peter will be responsible for building upon Dealpath’s current workplace offerings and fostering a dynamic people-focused company culture that will enhance the working experience of Dealpath employees at all levels. Dealpath’s investment in creating this brand new role is a testament to the leadership team’s commitment to its employees, and making a working environment that promotes inclusivity, creativity, and togetherness.
Top Institutional Investors Back Dealpath
Perhaps the most notable milestone of 2022, Dealpath announced it had raised a $43M Series C in September led by Morgan Stanley Expansion Capital, with participation from existing investors Blackstone, 8VC, JLL, Nasdaq Ventures, and GreenSoil PropTech Ventures. The funding from this round is being used to accelerate the company’s rapid global expansion, grow the product, sales, customer success, and executive leadership capabilities and continue to drive operational excellence to meet the growing needs of their clients.
Dealpath continues to garner industry-wide recognition not only for its robust offering but for the company’s clear commitment to its employees and work culture. In early 2022, CEO Mike Sroka was named a CRE Tech Influencer by Globe St for his unwavering dedication to the Dealpath platform and his team throughout his 8 years at the helm of the company. To close out 2022, Dealpath was recognized by Business Insider on its annual list of 21 PropTech Startups To Bet Your Career On, and has already started the new year off with more industry recognition as its San Francisco Headquarters was named by Built In as one of the 50 Best Startup Companies To Work for.