Agora Raises $34 Billion in Series B to Further Expand Real Estate Carta | TechCrunch - Latest Global News

Agora Raises $34 Billion in Series B to Further Expand Real Estate Carta | TechCrunch

From a young age, Bar Mor knew he would inevitably get into real estate. His family has been involved in all types of real estate projects, from floor planning to management of residential, commercial and retail properties.

But unlike his parents, Mor also had a passion for technology. His interest in technology increased when he became commander of Unit 8200, the Israel Defense Forces’ elite cyber intelligence division known for training technology entrepreneurs.

After leaving the army, he decided to combine his two passions: Mor noticed that many real estate investors do not have a dedicated system to manage various back office processes such as managing the money collected from rent, calculating and distributing the proceeds to track their LPs and many other administrative functions.

“We saw companies struggling to manage all of these things with lots of spreadsheets, emails, etc [other] disjointed systems that don’t interact with each other,” Mor said.

This realization led him, along with Unit 8200 friends Lior Dolinski and Noam Kahan, to co-found Agora, a software company that manages data, automates reports, streamlines fundraising processes, and provides accounting and tax services to real estate investment firms of various sizes.

Mor said when he first raised money, he told investors he was building Carta for real estate. The comparison is easy to see: Carta manages cap tables for startups and VCs, as well as other administrative functions. Because real estate investing is similarly data-intensive, investors need tools that automate manual work and calculate returns.

Agora has tripled its revenue every year since its launch five years ago. Thanks to its strong growth, the company announced Thursday that it has raised $34 million in Series B funding from Israeli growth fund Qumra Capital, along with returning investors Insight Partners and Aleph. The funding brought Agora’s total funding to $59 million.

Mor said it would not be difficult for the company to raise this latest round of funding.

Although some real estate investors struggled amid the rising interest rate environment, Agora continued to grow and maintained a high customer retention rate, Mor said. “It shows that we are actually solving something that is not a nice-to-have. It is a must.”

Agora currently operates primarily in North America, Europe and Israel, but plans to serve customers in other markets including Central America, South America and Australia.

Mor’s family experience in real estate continues to help him build the business.

“I understand how we as a people think, what they care about and how they negotiate,” he said.

This knowledge was incorporated into various areas of Agora’s business, including the way account managers interact with customers. Every customer has the cell phone number of their account manager.

“The real estate agent has his broker, he has his lawyer, he has his banking relationship. He wants it all that way,” Mor said, putting his hand to his ear like he was holding a phone. “The idea is that we are your technology partner. “You need something with your technique? Call Agora.’”

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