Real estate

One private-equity roll-up already owns the stack. Storable was assembled by Cove Hill Partners from 2018 — SpareFoot and SiteLink in March 2018, storEDGE in August 2018, Select Merchant Solutions in April 2019 [B] — and EQT bought a majority in a deal announced December 2020 that valued it at roughly $2B including debt [B]. It now sells three management systems (Storable Edge, Sitelink, Storable Easy), the SpareFoot marketplace, payment processing, tenant insurance (Bader, Storsmart), call-centre and auction tools, and claims more than 33,000 facilities [C, vendor]. That is the payments-and-insurance attach model the salon, fitness and pet records found: the licence is the cheap part, and the money is in card volume and tenant protection riding on every move-in. The open challenger slot has just been funded. Cubby, founded 2022, raised a $63M Series A led by Growth Equity at Goldman Sachs Alternatives in January 2026 and claims 400+ operators and 2,000+ facilities [B; counts C]. Tenant Inc. (Hummingbird) has raised about $37M, mostly from 100+ storage owners who use it [B]. Yardi sells Breeze Self Storage to small portfolios and its Self Storage Suite to large ones [B]. OpenTech Alliance owns the gate, kiosk and lien-auction layer (INSOMNIAC, StorageTreasures) [B]. A new entrant would face a $2B incumbent that owns payments and insurance, a Goldman-backed AI-native challenger, and Yardi. Nothing is disclosed here. Every vendor is private or inside a private parent, so no revenue floor can be built.

The incumbents are owned by title, escrow and portal interests that monetise the transaction itself, so the software can be priced at or below cost as a channel to a much larger fee. Zillow owns dotloop, Fidelity National Financial owns SkySlope, and Lone Wolf sits behind private equity with the brokerage back office. An entrant selling software alone competes with a loss leader. The post-settlement commission reset adds real uncertainty on top. Nothing is disclosed here. Every vendor named on this record is private, or sits inside a parent that does not break the line out, so no revenue floor can be built and the market size is genuinely unknown rather than estimated.

The appraisal form is a lender requirement and the delivery rails are owned by the government-sponsored enterprises and their vendor panel, so the software is a compliance conduit rather than a product choice — and the mortgage-origination record at 5222 already showed who controls that pipe. Automated valuation is meanwhile removing the appraisal itself from a growing share of transactions. Sourced update 2026-09-18: the property-data layer underneath has a price. CoreLogic was taken private by Stone Point Capital and Insight Partners at $80 a share, about $6.0B of equity value, closing 4 June 2021 [B], after rejecting a $6.7B approach from CoStar. It rebranded to Cotality in March 2025 [B]. Nobody has paid anything remotely like that for appraisal workflow software, which is the record's point: the value sits in the data asset, not in the form-filling tool.

Mature, well-capitalised, and defended by payments attach on rent collection. The interesting residual is the small-portfolio landlord, which is a low-ACV volume business with high churn.

This is the one property-tech category where the incumbent publishes its numbers, and the numbers close the door. CoStar Group's 10-K for 2025 reports $3,247M of revenue, of which the CoStar subscription product alone was $1,259M and LoopNet listings $312M, with Commercial Real Estate as a whole at $1,787M [A]. Company-wide subscription contract renewal ran at about 89% in each of 2025 and 2024 [A]. That is a data asset researched building by building for decades, sold to every broker, lender, owner and appraiser who needs comps, and defended in court as well as in sales. How it differs from the appraisal record (5313): appraisal software is a compliance conduit — the lender form and the GSE delivery rails decide the product, and the 5313 record found the money sits in the property data underneath (CoreLogic, ~$6.0B). Commercial real estate data is that data layer, and here it is owned by one public company rather than by the government-sponsored enterprises. There is no form to file; the buyer pays for the comps, the tenant roll and the ownership record, and the one who holds the most verified records wins. The challengers prove the ceiling rather than the opening. Reonomy raised about $128M and was sold to Altus Group (Toronto, TSX: AIF) for $201.5M in November 2021 [B] — barely 1.6x the capital it consumed — and Altus's fiscal 2025 release lists it as a product without any separate figure. CompStak (lease comps traded give-to-get) has raised $78M in total, last a $50M Series C led by Morgan Stanley Expansion Capital in November 2021 [B]. Crexi, the listings marketplace, had raised $41M by its January 2020 Series B led by Mitsubishi Estate [B]. Cherre (data integration for owners) raised a $30M Series C led by HighSage Ventures in September 2024 [B]. The best-funded neighbour is Placer.ai (foot traffic), at least $175M across its $100M Series C (January 2022) and a $75M round (August 2024) at a valuation of nearly $1.5B, with a $100M revenue run-rate claimed for February 2024 [B; run-rate C] — but it sells location analytics to retailers and owners, not comps, and it grew by not competing with CoStar on CoStar's asset. Altus's ARGUS (valuation and cash-flow modelling) is the other entrenched standard: Altus reports Software ARR of C$197.9M at year-end 2025, up 10.6% [A]. Incumbent vulnerability decides it: the data asset compounds, the renewal rate is near 90%, and every venture-funded attempt to rebuild the comp set has exited small or stayed niche.