Real estate is a big business in the sprawling city of Los Angeles, and new technology tools to target the industry continue to attract investor attention.
The latest of these is Luxury Presence, which pitches digital marketing services to real estate agents and has raked in $5.4 million in financing to support the buildout of its services and sales teams to manage clients.
Previous investors Switch Ventures led the round, which included participation from new investors Bessemer Venture Partners and Toba Capital, alongside previous investors Gerald Risk, Peter Kelly, Jonathan Erlich and Blaine Vess.
“Our 2020 goal is to build a full digital marketing solution for real estate agents looking to build successful, lead-generating digital brands,” said Malte Kramer, the company’s chief executive, in a statement. “2019 was all about building the best real estate website platform in the sector and I’m so proud of what our team was able to accomplish. Our focus was on how to make beautiful, functional and lead-generating sites that were easily customizable to fit the agent’s needs and demands, and we did just that.”
According to estimates from Built in LA, there are roughly 127 companies, which have raised over $2.4 billion, active in the real estate industry in Los Angeles. These companies range from providers of short-term commercial office space, like Knotel, or co-working companies like WeWork, to companies focused on servicing the real estate industry (like Luxury Presence).
In all, the sector is growing quickly as venture investors look to find markets that were reluctant to embrace technology. The traditionally opaque world of high-end real estate certainly applies.