MARC, a New York-based proptech startup developing AI-powered spend intelligence software for institutional real estate owners, has raised $5 million in a seed funding round led by Work-Bench and MXV Capital.
The round also included participation from technology founders and investors Des Traynor, Mark Ghermezian, Ian Nolan, Cyrus Claffey, Daniel Eberhard and Brian Moran. The investment brings MARC’s total funding to $6 million.
Led by founder and CEO Aaron Devitt, MARC provides software that helps institutional real estate owners and operators monitor property operating expenses, manage vendor contracts and identify billing discrepancies.
The company’s platform uses AI to extract pricing terms, renewal dates and contractual obligations from vendor agreements. It connects this information with invoice and accounting data, allowing property operators to identify potential overcharges, monitor contract compliance and assess spending across multiple properties.
MARC also provides contract benchmarking and vendor management capabilities, helping owners compare service costs and identify opportunities to consolidate supplier relationships. Its software integrates with existing property management and accounts payable systems.
Before expanding into North America, Devitt developed property management software serving customers in Ireland and the UK. The business subsequently shifted its focus toward operating expense management for institutional real estate portfolios.
According to the company, MARC manages more than $100 million in annual vendor spending across 30 US states and Canada. Its customers include residential real estate operators Magnolia Capital and Birge & Held.
MARC plans to use the seed funding to expand its product development, engineering and go-to-market teams while supporting further growth across the United States and Canada.
