Henry AI, the AI platform which automates back-office knowledge work for commercial real estate teams, confirms they have raised $16.5m in a Series A round.
The funding round was led by FirstMark Capital, with strategic participation from Thomson Reuters Ventures and follow-on investment from Y Combinator, Susa Ventures, 1Sharpe, StoryHouse Ventures, Pioneer Fund, RXR Arden Digital Ventures, Karman Ventures, and Coalition Operators.
Adam Nelson, Partner at FirstMark Capital, has also joined Henry’s Board of Directors. Henry has established itself as operating infrastructure for the industry’s largest firms. Teams from all the largest commercial real estate brokerages are on the platform, reaching over 150 firms in total.
Henry automates the document layer that has long functioned as CRE’s most expensive hidden cost – offering memorandums, underwriting, pitch decks and buyer lists. The platform has produced over 20,000 client-ready deliverables representing over $150bn in underlying deal value.
Analyst production time is down 90%, work previously estimated at 15 hours per deliverable now takes about 30 minutes of human review, with a platform-wide median turnaround of under four hours. Over 20% of Henry’s customers have reduced staffing requirements as a direct result.
At Colliers, EVP Tom de Jong cut broker-opinion-of-value turnaround from three to four days to under two hours. At Cooper Horowitz, a single deal memorandum went from as much as 18 hours to under 15 minutes.
At Compass, broker Erich Bubbel cut time per offering package from up to seven hours to about 20 minutes. At Marcus & Millichap, National Retail Group’s Kodi Traver describes the platform as ‘almost like a second office of agents – a new teammate, but he never sleeps and always gets work done fast’.
“Every deal in commercial real estate is buried under a pile of documents that someone had to make by hand. But the documents are just the surface. The real problem is that these firms are sitting on the most valuable data in the industry and can’t actually leverage it.
“We started by automating the deck. With Henry Deal, we’re shipping the system of record that turns that institutional knowledge into every deliverable a deal needs. Winning the deal today, the entire back office tomorrow.”
Sammy Greenwall, Co-Founder and CEO, Henry
Commercial real estate firms sit on decades of proprietary transaction data, including underwriting models, client relationships, deal history, scattered across old files and individual analysts’ heads.
This served as a catalyst for Henry launching Henry Deal, which turns a firm’s entire institutional memory into deliverables across the full lifecycle of a transaction, from underwriting to packaging to close.
“What made Henry impossible to ignore was not just the growth, but the evidence that customers were beginning to treat it as an extension of their team.
“Henry combines deep commercial real estate expertise with a technical team that is translating that insight into product at remarkable speed. The company began with one of the industry’s most painful back-office bottlenecks; today, it is becoming the system firms rely on to underwrite, win, and execute deals.
“We believe Henry is on a path to becoming the intelligence layer for commercial real estate.”
Adam Nelson, Partner, FirstMark Capital
Henry will use the new capital to expand its engineering and product teams and build out from a document engine into the system of record for CRE deals. The proceeds fund that expansion, beginning with the 15 June launch of Henry Deal.
“The bottleneck in CRE has never been the data – it’s the cost of turning data into finished deliverables. Every step in the deal chain has been done manually by expensive people under deadline pressure. We built Henry to automate that entire layer. Now we scale it.”
Adam Pratt, Co-Founder and CTO, Henry AI
