Michael Mandel

It was $160 million, which is the size of many IPOs.

Absolutely.

Sure.

Absolutely.

So we're a real estate data company.

And our secret sauce really is that we crowdsource commercial real estate data.

In particular, records of commercial lease and sales transaction data and deals that have taken place effectively.

So we've got commercial real estate brokers, appraisers, and research people within real estate brokerage firms who actually trade data on Comstack.

We have a gamified system.

It's a credit system.

So they earn credits for sharing data on our platform.

They can use those credits to get other data back out.

And then we end up with a comprehensive database, effectively, of all the deals that have taken place in a given real estate market.

We're live in over 70 markets across the U.S.

and U.K., over...

So they're trading data in all these markets.

And then from that database of deals that have taken place, we are then able to sell subscription access to that data to commercial real estate investors and lenders.

So our customers are some of the world's largest investors.

Banks, private equity funds, hedge funds, institutional owners.

So people like Wells Fargo and JP Morgan and Morgan Stanley.