Austin real estate tech startup AnthemIQ raises $10 million for growth

Austin-based startup AnthemIQ, which makes a real estate transaction platform, has raised $10 million and plans to double its employee headcount, according to the company.

The round was led by Staubach Capital, and included industry professionals and investors, the company said. 

Founded by Kenny Tomlin and Chris Skyles, AnthemIQ is a platform designed to manage commercial real estate transactions from search to a signed lease.  Tomlin and Skyles also founded Elevate Growth Partners in 2018. AnthemIQ's CEO Mike Ward also served as chief operating officer at Elevate Growth Partners. 

AnthemIQ's platform, which launched in February, has gained 1,000 users in the United States and in Canada. 

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AnthemIQ's software allows companies, brokersa nd leasing agents to search for properties, review, compare, set up tours and lease spaces.  The platform also has a streamlined workflow for negotiating and reviewing contracts on the listed properties. 

"Clients use digital platforms to run their own companies, book travel, interact with their banks and buy residential homes," Tomlin said in a written statement. "They expect commercial brokerages to provide similar solutions with speed, convenience, and transparency to finding and securing their commercial space. Brokers recognize this and finally have an end-to-end solution in AnthemIQ."

Ward said brokers have been using outdated methods to serve clients' needs.   

"We created a transaction management dashboard allows from search to site needs to be done in a single platform," Ward said. "There goes the need for multiple attachments and PDFs. It allows all stakeholders and decision-makers along the journey to engage and interact on a single platform." 

AnthemIQ plans to scale up its team, which currently has over 40 employees in Austin, in remote positions, and in Bentonville, Arkansas. The company said it plans to add about 40 or 50 employees across its locations, to grow to about 100 people by the end of the year. The company is currently hiring for product engineers, marketing and sales staff.  

Ward said amid the coronavirus pandemic, AnthemIQ's platform has allowed its users to narrow down their needs and compare properties on the platform online, which lessens the need to see offices in person. 

The platform also fits into searches as companies evaluate their need for space. In some locations, companies are considering changing office sizes as employees continue to work remotely.

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"We're seeing in California or even Toronto a lot of companies are moving to a hybrid model, and want to adjust the number of people that may be in the office," Ward said. "Everyone's looking to revisit their leases or their office spaces and how they manage those. It's a good time for a platform like this.." 

In Austin, he said, office demand continues to boom. 

"Like a lot of different markets when volatility happens, there's a lot of movement, and Austin's in an upswing," he said. "There is more transactional activity that we're seeing in the platform today in the Austin area than we've seen in a very long time."