Greycroft Leads $10M Investment In Biproxi

A San Diego-based online marketing company for commercial real estate brokers that functions similar to Zillow for residential real estate has received a $10 million cash infusion.

Biproxi Inc. is an online platform for middle-market brokers to run their business, said CEO and co-founder Gordon Smith.

“It’s really an end-to-end platform” for agents to go from listing property to closing transactions, Smith said.

The lead investor in pumping the $10 million into Biproxi was Greycroft, a venture capital firm with offices in Los Angeles and New York.

Other investors included Newmark Knight Frank, the National Association of Realtors and RPM Ventures, a venture capital firm based in Michigan.

Along with the cash infusion, Biproxi said that it was starting what it calls Biproxi Off Market this month.

The new service will include data on 32 million commercial properties throughout the country that includes historical sales, property values and financing history for commercial real estate valued up to $25 million, Smith said.

Diverse Services Offered

“Our platform is really designed to support that middle-market agent who can really benefit most from the tools we offer,” Smith said. “Until now, accessing transaction history or the current market value of a commercial real estate property requires an expensive data subscription. Biproxi has simplified this process providing investors and agent tools to list, market and transact faster with better information on one platform.”

Agents can list property for free on Birproxi’s platform and get information on commercial property that’s on the market.

The company also offers a variety of services that are available for a fee.

They include property photos, drone video footage and third-party reports such as environmental appraisals.

“Pretty much anything you would need to get your asset sold, we offer in our marketplace,” Smith said. “We run a formal marketing campaign online to bring more buyers to your listing and hopefully get it sold. We’re kind of a marketing arm for small agents who need help finding buyers.”

The company went online earlier this year with its listing service.

Business Has OC Ties

Smith founded Biproxi last year with Yan Khamish, Thatcher Milholland and Carrington Guy—all former executives at Ten-X Inc., a commercial real estate marketing company based in Irvine.

Khamish is Birpoxi’s head of partnerships, Milholland is head of growth, and Guy is head of special projects.

Smith is from the Bay Area, but said he chose San Diego as the company’s headquarters because he didn’t want to leave California.

“San Diego, if you’re going to stay in California, is a good choice for us, given the availability of the education talent it’s still relatively affordable for California,” Smith said.

The company is leasing 3,000 square feet of space in The Ratner, the renovated East Village complex of six buildings that were once home of Ratner Clothing.