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While the last two years have been defined by soaring inflation, supply chain issues, and dipping global markets, we at Local Logic are proud to say that our mission of making cities better through data and insights is resonating through the volatility.
Part of our success is a testament to the utility of our data; though many sectors are battling to stay above water, real estate, which relies heavily on the types of location-based insights Local Logic specializes in, has remained strong. In fact, the industry has seen a 3.8% per year growth on average over the last five years.
The products, services, and data Local Logic has made a priority since its inception—and expanded upon and optimized over the past year—have seen expanded use and utility across a number of key groups. From commercial real estate to individual homebuyers all the way through municipalities and policymakers, Local Logic’s insights are enabling decisions on what to build, where to buy, and how to better focus sustainability efforts.
Successful Partnerships and Satisfied Customers
The startup environment is always volatile, but the successes Local Logic has experienced in the past year have truly validated the strength of our mission. It turns out that when you build a good product, people want to use it. Local Logic has gone from 8 million active monthly users on the consumer level to nearly 13 million in the past year. In total, across all of our partnerships, our products have been used more than 3 billion times.
These products are helping guide smarter home-buying decisions for consumers, enabling them to choose where to live based on a number of factors that they value, from transportation and sustainability to the vibrancy of their neighborhood.
Local Logic is more than consumer-level products, however, and our successes in commercial real estate are equally encouraging. We’ve partnered with dozens of leaders in the industry and have experienced a negative churn rate, which is rare for the space. In fact, in the past year alone we’ve added or grown relationships with Coldwell Banker Bain, CoreLogic, Royal LePage, Zumper, and dozens more.
This customer satisfaction is reflected both in our reviews—we currently hold a 5-star rating on G2 reviews—and in our 151% net revenue retention rate.
All of these factors point towards a company on the rise, with the numbers to back it up. Local Logic has consistently seen year-over-year 2x revenue growth, with expectations and projections of growing 3x in the coming year.
Continued Product Innovation
Customer satisfaction and market validation are both signs that we’re on the right track, but those wins also need to be met with our own internal metrics to push Local Logic forward. To that end, we’ve invested heavily in our core data processing technology, allowing us to serve our clients with better quality insights.
We’ve released new versions of our core APIs to the market, and their engagement has tripled since, having been pinged over 3B times in the last year. Overall, our API usage has increased by more than 1000% and has allowed real estate developers and investors to analyze more than 7,000 sites in depth.
We’ve also expanded the scope of our location score data; instead of providing indexes only at the property level, we are now allowing our users to look at them through different geographies. On the commercial real estate side, we’ve deepened our insights and provided more flexibility to access them in order to better serve the market.
And, through our partnership with ClimateCheck, we’re able to further integrate key climate data into our products to help better inform ESG and sustainability decisions.
Turning Our Sights on the Future
All of our wins over the past year have laid a foundation for growth for our partners, our internal team, and our mission itself.
With expanded APIs and growing partnerships, we’ll continue gaining footholds in the commercial real estate space. And, as our relationships continue to evolve with cities, municipalities, transportation providers, and policymakers, Local Logic’s data and insights can serve as a source of guidance in urban planning decisions that will impact the cities we call home. With better, more predictive, objective insights on sustainability, our leaders will be in a better position than they’ve ever been to focus on ESG decisions for the future of our planet. And Local Logic is proud to be a part of those insights.