Simply Homes, an innovative Single Family Rental (SFR) sourcing and underwriting platform, has raised $22m in funding.
This financial boost, led by Gutter Capital and Watchung Capital, also saw contributions from Village Global, Ambush Capital, RavenOne Ventures, and several individual investors, including Neil Parikh, Gabe Flateman, and Luke Sherwin.
Simply Homes aims to alleviate housing issues by optimising the acquisition, renovation, and leasing of otherwise unused housing, making it accessible to lower-income families. Notably, over 80% of Simply Homes’ tenant base consists of single parents, would need to work 150 hours a week to afford market-rate rent on a home.
Simply Homes CEO Brian Bagdasarian emphasised the impact of their work, saying, “When we buy into a neighborhood, we are investing in the community. We offer renovated homes, not just as shelter, but as a foundation for family growth and economic stability to address America’s housing crisis. Children that are able to move into lower-poverty neighborhoods can see a 31% increase in lifetime earnings. We’re making those meaningful changes, one family at a time.”
James Gettinger, Managing Partner at Gutter Capital, highlighted the significance of Simply Homes’ mission: “Simply Homes is showing up to this time of crisis with a solution that could change the affordability of housing nationwide. Housing is least affordable for those that have the highest need and lowest income, and starter homes are rarely built today, leaving few options for the people who need to secure housing the most. By renovating the aging housing stock, Simply Homes is poised to vastly increase the supply of affordable and section-8 homes available.”
The company’s expansion plans include moving into more markets across the midwest in 2024, with a focus on social and economic mobility. Their development of AI-powered virtual analysts aims to further enhance their ability to identify and invest in communities and properties in need.
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