Company Profile · PropTech · CRE Data
CompStak
The company that made commercial real estate data something you trade, not something you chase.
The company that made commercial real estate data something you trade, not something you chase.
For most of its history, commercial real estate ran on numbers that were hard to get and easy to fudge. What did a tenant actually pay after the free months and the landlord's build-out? What was the real cap rate on that tower sale? The answers lived in brokers' spreadsheets and appraisers' filing cabinets, shared through favors and phone calls. CompStak's founders looked at that friction and saw a market.
Started in 2012 by Michael Mandel, a former New York commercial broker, and Vadim Belobrovka, a Columbia-trained engineer, CompStak built a crowdsourced exchange. Brokers, appraisers and researchers submit the comps they have; in return they earn credits, which they spend to pull comps they need. The people who need the data are the same people who own it - which is how CompStak sidestepped the cold-start problem that kills most marketplaces.
Every submission is reviewed by analysts before it enters the database. That deliberate, slower step is the point: in a business where a wrong number mis-prices a building, verification is the product. The result is a database of more than 1.6 million lease and sale comps, granular down to the free rent, the tenant improvement allowance and the escalations.
That data is then packaged and sold. Institutions - Wells Fargo, Tishman Speyer, AEW, CIM, Moody's - subscribe to CompStak Enterprise and, more recently, CompStak One and CompStak AI. The free exchange feeds the paid product, and the paid product funds the analysts who keep the exchange honest. It is a tidy loop, and it has raised $89.3 million to keep spinning.
CompStak organizes commercial real estate around the data points deals actually hinge on.
Starting rent, net effective rent, free rent, tenant improvement allowance and landlord work - the granular terms behind every signed lease.
Up-to-date sale transactions with true buyer and seller, cap rates and net operating income, not just a headline price.
Mortgage origination and refinance insight plus detailed property characteristics across asset classes and markets.
Custom visualizations and market reports built on granular datasets, so teams can benchmark portfolios and spot trends.
A bundled product giving access to all CompStak data plus AI features such as Rent Predictor.
An AI suite built on years of verified lease, sale and property data that surfaces immediate, reliable market insight.
The incentive loop that convinced 35,000 competing professionals to build one shared database.
Brokers, appraisers and researchers upload the lease or sale comps they have.
CompStak analysts review each submission for accuracy before it enters the database.
Contributors are rewarded based on the accuracy and uniqueness of what they share.
Credits are spent to unlock the comps they need - or institutions subscribe for full access.
$89.3M in total funding, capped by a $50M Series C in November 2021.
Series A and B amounts undisclosed; bar heights are illustrative of relative round size, not exact figures. Total raised: $89.3M across the company's rounds.
We envision a commercial real estate industry in which accurate and transparent data leads to better, faster deals.
Commercial real estate data has long been fragmented, opaque and expensive. Key deal terms - effective rent, cap rate, the real buyer behind an LLC - are buried in private records. That makes valuation slow and pricing inconsistent.
CompStak's answer is to aggregate those hard-to-find details into structured, analyst-reviewed comps, so appraisers, brokers, investors and lenders can benchmark deals against real, comparable transactions instead of guesswork.
The incumbent, CoStar, licenses a large top-down proprietary database. CompStak inverts the model: it crowdsources comps from the professionals in the market and rewards them for accuracy, then verifies each one.
The bet is that community-sourced, incentive-aligned data can be more granular and current than a database assembled from the outside - and that the same community becomes the customer base.
A former New York commercial broker and 2005 Babson College graduate who grew tired of trading lease comps by hand. He led Babson's Entrepreneurial Exchange and lived in the school's e-tower business incubator before starting CompStak.
A Columbia University computer engineering graduate who built CompStak's technical backbone, with a focus on functional programming and data science - the systems that turn messy submissions into structured comps.
Mandel and Belobrovka launch a crowdsourced exchange for lease comps and raise a $570K seed round.
Canaan Partners backs the company as brokers and appraisers adopt the exchange.
CompStak begins packaging verified data into a subscription product for institutions.
Follow-on funding from Canaan Partners and IA Capital fuels national expansion.
Morgan Stanley Expansion Capital leads a round with Mitsui Fudosan and Crow Holdings.
A bundled product ships with AI features including Rent Predictor.
An AI insights suite launches and KBRA's CMBS credit data integrates into the platform.
Search results linking to CompStak's channel, talks and demos.
Sources include CompStak.com, PR Newswire, The Real Deal, Connect CRE, Crunchbase and Property Week. Figures such as revenue are third-party estimates and approximate.