Key Takeaways
- • MARC, a New York-headquartered AI platform for institutional real estate owners, raised $5 million in an oversubscribed seed round led by Work-Bench and MXV Capital, bringing total funding to $6 million.
- • The platform reconciles contracts, invoices and vendor data to validate charges before payment, with the company estimating that every $1 of unnecessary operating expenditure can erase up to $20 of underlying asset value.
- • MARC reports more than $100 million in annual vendor spend under management and customers representing a combined $90 billion in assets under management across 30 US states and Canada.
- • In a Birge & Held deployment, MARC reviewed 50,000+ invoice records from a single vendor and identified over 100 contract-backed overcharges.
- • The funding will support hires across product, engineering and go-to-market over the next 12 months as the company builds out its New York base.
Summary
MARC, an AI platform that helps institutional real estate owners identify and control operating costs, has raised $5 million in an oversubscribed seed funding round to expand across the United States and Canada. The round was led by Work-Bench and MXV Capital and includes angel investors who are technology founders and operators, among them Mark Ghermazian of Braze, Des Traynor of Intercom, Ian Nolan of Brightflag, Cyrus Claffey of ButterflyMX, Daniel Eberhard of KOHO, and Brian Moran, manager of professional golfer Shane Lowry. The investment brings MARC's total funding to $6 million, according to the company.
The company positions its product as a connective layer between disconnected Contract Management Systems, Accounts Payable platforms and legacy workflows. According to MARC, the platform extracts contract terms, enforces pricing and escalations, and validates invoices before payment. MARC estimates that close to 100% of invoices received across the industry are unverified against underlying contracts, and that every $1 unnecessarily lost through operating expenditure can erase as much as $20 in underlying asset value.
MARC says it works with customers in 30 US states and recently with some of the largest operators in Canada, and has surpassed $100 million in annual vendor spend under management. Its customers include Magnolia Capital, Birge & Held and several multi-state SEC-regulated organisations, and it counts three of the ten largest US property managers among its users. In a case cited by the company, MARC reviewed more than 50,000 invoice records from a single technology vendor for Birge & Held, a US multifamily owner-operator overseeing more than $4 billion in assets across a 25,000-unit, 127-community portfolio, identifying over 100 contract-backed overcharges.
Founder and CEO Aaron Devitt said the company was already profitable but saw enough North American opportunity to accelerate. Work-Bench co-founder and General Partner Jonathan Lehr described operating expenditure as a major data blind spot for asset managers. The company is headquartered in New York with operations in Dublin, and the expansion follows its UK and Irish property management product, which reached more than 40,000 monthly logins.
The company positions its product as a connective layer between disconnected Contract Management Systems, Accounts Payable platforms and legacy workflows. According to MARC, the platform extracts contract terms, enforces pricing and escalations, and validates invoices before payment. MARC estimates that close to 100% of invoices received across the industry are unverified against underlying contracts, and that every $1 unnecessarily lost through operating expenditure can erase as much as $20 in underlying asset value.
MARC says it works with customers in 30 US states and recently with some of the largest operators in Canada, and has surpassed $100 million in annual vendor spend under management. Its customers include Magnolia Capital, Birge & Held and several multi-state SEC-regulated organisations, and it counts three of the ten largest US property managers among its users. In a case cited by the company, MARC reviewed more than 50,000 invoice records from a single technology vendor for Birge & Held, a US multifamily owner-operator overseeing more than $4 billion in assets across a 25,000-unit, 127-community portfolio, identifying over 100 contract-backed overcharges.
Founder and CEO Aaron Devitt said the company was already profitable but saw enough North American opportunity to accelerate. Work-Bench co-founder and General Partner Jonathan Lehr described operating expenditure as a major data blind spot for asset managers. The company is headquartered in New York with operations in Dublin, and the expansion follows its UK and Irish property management product, which reached more than 40,000 monthly logins.
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