Toronto-based SaaS startup Altrio has secured $8 million CAD in an all-equity Series A round as it works to digitize global real estate capital markets.
“The ability to secure this investment … at a time when market conditions are particularly challenging is a testament to the value that Origin delivers to real estate investors.”
– Raj Singh
The investment was led by Whitecap Venture Partners with participation from Mantella Venture Partners, Alate Partners, and Colliers. Whitecap’s Shayn Diamond is set to join Altrio’s board of directors.
Founded in 2020 by Raj Singh (CEO) and Jon Simpson (CTO), Altrio provides a digital-based solution for real estate investors and managers.
Its flagship product, Origin, is a deal management platform that provides insights into an organization’s investment pipeline, owned assets, and proprietary market knowledge. Origin’s users can manage equity and debt transactions in a number of different sectors across the Americas, Europe, and Asia.
Since Altrio raised a $2 million USD seed round last year, the startup claims that it has increased its revenue six-fold and its customer base seven-fold. Altrio added that Origin is used by customers with combined assets under management of more than $1 trillion, including two of the world’s three largest real estate investors, though Origin did not disclose their identities.
“In addition to the significant growth we have seen in our customer base, the ability to secure this investment in just three months at a time when market conditions are particularly challenging is a testament to the value that Origin delivers to real estate investors,” said Singh.
Prior to creating Altrio, Singh was the director of product and head of Canada at New York-headquartered Cadre, which provides a digital marketplace for commercial real estate investing.
As a repeat founder previously based in the United Kingdom (UK), Singh also led Voyanta until it was acquired by Canadian Altus Group in 2016. Voyanta has since been renamed to ARGUS Voyanta.
Simpson worked at UK-based compliance monitoring services provider FundApps for over five years, initially joining the company in 2013 as a developer. He departed FundApps in 2019 as deputy CTO.
Now having raised $8 million for Altrio, the company intends to double its current headcount of 26 to more than 50 by the end of this year. Additionally, it also plans to accelerate the development of its product roadmap.
Singh also told BetaKit that the rest of Altrio’s year will be dedicated to ramping up its sales and marketing efforts as the startup expects to more than triple its revenue this year.
Featured image courtesy of Altrio.