Home61, a Miami, Florida-based digital real estate platform, is planning to expand nationally after raising $4m.
The startup has raised an additionalÂ round of funding, which included an investment fromÂ FF Angel, the early stage investment vehicle ofÂ Founders Fund. Its latest round also included an investment from Home 61 founder and CEO Olivier Grindaâ€™s brother, Fabrice Grinda, a serial entrepreneur and angel investor,
Following the capital injection, the company plans to take its service nationwide, with plans to expand into Chicago, Houston and Phoenix.
Home61 focuses on the buyerâ€™s and renterâ€™s side of sales and rentals, using an automated system to provide leads to agents.
The startup feeds a prospective clientâ€™s details, including budget, timing, and housing preference, through an algorithm to match the agent to the client.
â€œTechnology so far has failed to modernize the real estate industry at mass scale,â€ said Olivier Grinda, co-founder and CEO of Home61. â€œThe average American who doesnâ€™t have a large budget has to rely on either poor service from a traditional real estate firm or self-service via an online marketplace. Neither of these are acceptable options when youâ€™re making what is likely the largest and most personal financial decision of your life â€“ I know because I went through it myself.â€
Real Estate Tech InvestmentÂ
A total of $2.21bn was invested in Real Estate Tech companies last year, more than double the funding in 2015 according to data by FinTech Global.
Total Real Estate Tech investments doubled in 2016, partly due to two large deals totaling $1.08bn to the Chinese online real estate agency Home Link.
However, considering only deals valued below $100m, investments in Real Estate Tech still increased at a CAGR of 20.7% between 2014 and 2016.
Earlier this month, BitProperty, a Japan-based blockchain-powered real estate investment platform, was reported to be looking to raise more funds by launching a token sale later this month.
While California-based real estate investment platformÂ RoofstockÂ closed a $35m Series C funding round led byÂ Canvas Ventures.
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