Real Matters raises C$41 million, delays IPO plans: sources
By John Tilak and Alastair Sharp
TORONTO (Reuters) - Real Matters, a provider of real estate industry data, has raised C$41 million ($30.62 million) in an equity funding round and pushed its plan to go public to the first quarter of 2017, according to two sources familiar with the situation.
The latest fundraising, which was a secondary offering led by investment bank BMO Capital Markets, will help drive growth at the quickly expanding company and values Real Matters at more than C$1 billion, the sources said. This is a sharp jump from its C$653 million valuation earlier in the year.
Real Matters spokeswoman Lyne Fisher confirmed the fundraising but declined to comment on the timing of the IPO.
"We expect to come to public markets in due course," Fisher said in an email. The fundraising comes about seven months after Real Matters raised C$100 million through a private placement.
The Canadian startup was planning to raise another C$100 million to C$200 million through an initial public offering this fall, Reuters reported in June.
Investors in the recent funding round included venture capital firms and asset managers, the sources said.
Investors in the company include Whitecap Venture Partners, Wellington Financial and Urbana Corp, according to CrunchBase Inc and public documents.
Founded in 2004, Real Matters uses proprietary software to provide data on real estate services such as appraisals, mortgage closings and title searches. Continued...