zavvie has announced it has secured $3.65 million in new funding. This funding round was led by existing investors, including Second Century Ventures, the startup incubator backed by NAR. The new funds include $1.5 million in cash and $2.15 million in convertibles.
Coupled with the funding announcement, zavvie also announced that Tyler Thompson, managing partner at Second Century Ventures, is joining its Board of Directors. Thompson brings more than 15 years of strategic, startup and operational experience to the zavvie board.
The company cites its successful fundraising efforts as evidence of how real estate transactions have changed, i.e. solutions such as Power Buying (cash offers), Modern Bridge (buy before you sell), Listing Concierge (presale renovations), Instant Sales (iBuyers), and Homeownership Accelerator (rent-to-own).
“At zavvie, we believe 2023 will be a breakout year for Power Buying because cash offers will particularly help first-time buyers,” said Lane Hornung, zavvie CEO and co-founder. “Also poised for explosive growth are two more categories: listing concierge or presale renovations, which help consumers sell their homes faster and at a higher sales price, and Homeownership Accelerators. Most renters still want to buy a home, and with a Homeownership Accelerator program, they can rent their starter home today and own it tomorrow.”
Hornung believes that the massive shift in buyer and seller behavior in 2022 benefited zavvie’s growth: the company increased its total number of brokerage-assisted transactions by more than 400% over 2021 transactions and grew its revenue by more than three times, year-over-year.
“As brokerages face shifting real estate markets head-on, zavvie is poised for continued growth in 2023 as they need more ways to unlock inventory and increase transactions,” Hornung said. “More consumers are embracing a better way to buy and sell a home, and that’s why we our best brokerage partners are increasing their business exponentially. We’re looking forward to doing more with our newest partners in 2023,” Hornung added, citing zavvie’s recent partnership with Windermere Real Estate to power Windermere Offers.
Hornung also notes that the recent launch of zavvie 2.0 software with its updated dashboard is offering agents streamlined, efficient help. He adds, “zavvie 2.0 sets the stage for incredible new software we will launch in 2023.”
“Consumers are driving the real estate industry to change rapidly,” said Mike DelPrete, a leading industry analyst. “New buying and selling solutions became more commonplace than ever in 2022, and smart brokerages know that to compete today — and tomorrow — they must offer consumers all the options while keeping their agents at the center of the transaction for any solution a consumer chooses.”
For more information, visit https://zavvie.com.
