Real estate brokerage Houwzer has secured $9.5m in a funding round to support its growth in the regions it already has a presence in
The capital injection will help Houwzer to move into the greater Baltimore region and boost its presence in greater Philadelphia and Washington, D.C. Furthermore, it will enable the company to launch new services for its mortgage, title and insurance divisions.
Over the course of the next 12 months, the PropTech platform hopes to double its workforce and move into the greater Orlando marketplace.
The capital injection was led by growth capital firm Edison Partners. Additional support came from Admiral Capital Group, GO Philly Fund, Chestnut Street Ventures and real estate investor Ira Lubert.
Houwzer is an online real estate brokerage which helps consumers with the buying and selling process. The end-to-end solution streamlines the buying process with support available to help consumers with transactions.
The platform charges a fixed $5,000 listing fee which is only paid at the closing and also takes a 2.5% for the buyerâ€™s broker.
Houwzer CEO and co-founder Mike Maher said, â€œConsumers continue to prefer human advisors, especially for a transaction this significant; but they also believe that advances in technology should translate into savings and a better experience.
â€œOur solution resonates because it puts the customer first â€“ reducing chaos in the transaction without sacrificing service. Weâ€™re really excited to have found the right partner in Edison, who shares our vision and will help us bring a new real estate model to the masses.â€
Earlier in the week, business advisory and investment house ReSolve sold the PropTech platform BrickVest to real estate investor PATRIZIA. BrickVest is a real estate crowd investing platform which enables users to access institutional-grade investment opportunities from as little as â‚¬1,000.
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