MARC has raised $5m in an oversubscribed seed round to fund its US and Canadian expansion. The round was led by Work-Bench and MXV Capital with participation from Mark G., the co-founder of customer engagement platform Braze; Fin co-founder Des Traynor; and Irish legal-tech Brightflag’s co-founder Ian Nolan, among others.
Marc’s platform uses AI to analyse fragmented sources of vendor contract and invoice data related to property units in order to help managers identify discrepancies that can lead to overpayment. For large institutional portfolios dealing with tens of thousands of invoices and lengthy agreements, checking every charge manually is effectively impossible, Marc argues. It estimates that every $1 unnecessarily lost through operating expenditure can erase as much as $20 in underlying asset value.
The funds will help the company hire across product, engineering and go-to-market over the next 12 months and reinforce its New York base as it scales to work with institutional real estate customers across North America.
Aaron Devitt, the Marc’s CEO, said, “We had already built a profitable business, but the scale of the opportunity we were seeing in North America made this the right time to accelerate. Institutional owners are facing the same challenges across increasingly large and complex portfolios, and demand for a better way to understand and control operating costs is growing. This investment allows us to build our team and product capabilities in the US and, importantly, be closer to our customers from our new base in New York.”
Jonathan Lehr, co-founder and general partner at Work-Bench, added, “Marc is solving a clear and costly problem for institutional owners, and the traction it is already seeing across North America demonstrates the strength of that demand. Over time, the value of this data will compound as Marc builds a hyperlocal database of multifamily operating expenses spanning markets across the country.”
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