Nearly $30 million in funding from investors wasn’t enough to save startup CrediFi, a provider of data and analytics for the commercial real estate space. The startup, based in Tel Aviv and New York, has announced that it is shutting down operations.
The company was founded in 2014 by former Thomson Reuters executive Ely Razin. Its database tracks commercial real estate loans and claims to cover $13 trillion in debt deals across the country, according to a report by The Real Deal.
CrediFi raised $29 million from investors over the last five years, including $6 million last year in a funding round led by Liberty Technology Venture Capital II. But it’s been in trouble since at least June, when it laid off a large portion of its workforce and saw the departure of its president, Jeff Hendren, according to The Real Deal.
The company had been in talks for a possible sale to firms including Moody’s, but no deal was ever made, The Real Deal reported. Razin told the publication that while CrediFi will be ceasing services, it will continue to service its existing clients for several weeks.