Mogul, a PropTech platform that uses AI to open up real estate investing, has secured $15.5m in an oversubscribed Series A round led by Draper Associates, giving the company a $126m valuation.
The round surpassed its initial $10m goal by 55%. BlueChew co-founders Stephen Sullivan and Dr. Alex Jovanovich made the largest contribution, with Sullivan writing the biggest single cheque.
Tim Draper, who founded Draper Associates and backed Mogul at seed stage, also took part. Draper has previously made early investments in firms such as Tesla, SpaceX, Coinbase and Robinhood. Draper Dragon, Avalanche Blizzard Fund, Jason Calacanis’ LAUNCH, Venture Togethers and Gaingels joined the round, along with strategic angel investors drawn from leading technology and InsurTech businesses. Mogul’s total funding now stands at more than $23.6m.
The company was already cash-flow positive and had not intended to raise money in the near term, but decided to proceed after receiving strong unsolicited interest from prominent venture firms.
The capital will be used to build out its AI infrastructure and wider organisation, grow its property portfolio and develop additional revenue streams. Much of the money is earmarked for recruitment in engineering, data science and supply functions.
Although its investment team still handles due diligence, Mogul has applied AI across the supply side of the business, including targeting, operations, performance analysis and continuous monitoring of assets. This has allowed just four supply staff to manage a portfolio of over 150 properties. Manual work in the supply process has fallen by 89%, while the time spent on each property has dropped from 18 hours to two.
Founded in 2022 by Alex Blackwood and Joey Gumataotao, who previously worked in the Goldman Sachs Real Estate Investment Group, Mogul set out to modernise an industry the pair saw as reliant on outdated, manual practices.
The platform pairs institutional-standard underwriting with technology-led operations, letting everyday investors buy into individual vetted single-family rental properties that were once largely the preserve of institutions. Investors receive monthly payouts in line with their stake. Mogul is headquartered in Washington, D.C. and has offices in New York City.
Mogul CEO and co-founder Alex Blackwood said, “The Series A raise validates our thesis that real estate is ready for an AI-powered overhaul. The industry is ripe for innovation and presents a trillion-dollar market cap opportunity.
“The platform started as a way for Joey and me to invest in high-quality real estate without the headache, and I am proud to say I am still a power user of the platform today. We are typically the first and second checks into each property; however, with a majority of assets over the last three months selling out in under two hours, I have missed out on some of them because I didn’t act fast enough. As a platform, we are already one of one, and the capital provides us with the capability to redefine the broader real estate industry. Looking ahead, our vision is to build a vertically integrated real estate ecosystem that supports the full lifecycle of an asset. By unifying these layers, Mogul can become the defining infrastructure for the industry. In 10 years’ time, Mogul will be the first word that comes to your mind when you think of real estate.”
Draper Associates founder Tim Draper said, “We invested in Mogul at the pre-seed stage because Alex and Joey had elite institutional pedigree and a bold vision for a fundamentally different model for real estate investing.
“This past May, Alex came to our summit as one of our top-performing portfolio companies to share a business update. Seeing the continued strength of the business and the scale of what the team was building, our conviction only grew and by the end of the event, I knew we had to lead the Series A. Mogul is a true ‘rhino,’ charging ahead with investor retention, relentless growth and real execution. The company has the potential to become the defining model for the next era of real estate investing.”
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