Proptech startup ResVR secures $1.7 million in funding to revolutionize homebuilding visualization

REM Editorial Team — Fri, 14 Jun 2024 04:01:42 +0000

Last week, ResVR, a property technology (proptech) startup that enables homebuilders and developers to sell more upgrades through a visualization platform, announced a series of financings that closed a total of $1.7 million in aggregate.

The funding was led by Inverted Ventures. Weave VC, with participation from Bluesky Equity, InRoad Ventures, ThresholdImpact, Startup TNT and a Canadian-based group of angels provided the non-dilutive capital ($270,000).

Saving homebuyers from relying on blacklines or blueprints to imagine their new home

Founded in 2023, ResVR specializes in 3D visualization proptech, working with production homebuilders to showcase their designs and plans to help homebuyers feel confident in their purchase and the options and upgrades they choose.

“In 2024, it is crazy that people are making the biggest purchase of their lives and have to imagine what it will look like off blacklines or blueprints. This is the problem ResVR solves,” ResVR founder and CEO, Nathan Nasseri, explains.

The company cites data from homebuyer surveys indicating the need for homebuilding sales visualization software is significant: 87 per cent of new homebuyers would make changes to their homes with better visualizations, but 73 per cent weren’t provided sufficient information to move forward confidently and only 65 per cent felt the floor plan selected matched what they received.

“ResVR empowers builders and buyers, which leads to happier customers who are more satisfied with their decisions because they were able to visualize them and make more thoughtful choices,” says Nasseri.

‘(We) invested in ResVR because it represents an innovative change that will create a paradigm shift in the legacy homebuilding industry’

Craig D’Cruze, COO of Inverted Ventures, comments on his firm’s participation in the equity funding round: “Inverted Ventures invested in ResVR because it represents an innovative change that will create a paradigm shift in the legacy homebuilding industry. ResVR offers a service that digitizes and optimizes the sales upgrade process for homebuilders in ways previously unattainable. With his deep-rooted experience in homebuilding and his instrumental role in developing this technology since 2015, Nathan brings unique insights, capabilities, and a founder-market fit that will be crucial to this company’s success.”

“I am thrilled to be supporting Nathan in his newest endeavor,” adds angel investor Aaron Flynn, CEO of Edmonton’s Inflexion Games. “Nathan is bringing enormous drive and strong experience to ResVR as he and the team help homebuilders make buyer’s dreams come true with more confidence and understanding than ever possible.”

What’s next

Later this year, ResVR will unveil follow-up products for designing home exteriors and showcasing new communities for land developers. “This is the beginning of something massive,” Nasseri says. “The homebuilding industry is overdue for a shift towards digital transformation, and ResVR is here to make that happen.”

Image source: resvr.com

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REM Editorial Team

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HonestDoor property valuation website raises $2.2 million in seed funding

REM Editorial Team — Wed, 23 Mar 2022 04:00:35 +0000

HonestDoor, an online resource for property valuations, recently announced that it has raised $2.2 million in seed funding. Luge Capital led the funding round, with participation from Bluesky Equities, Conconi Growth Partners, Panache Ventures, Reach Canada, SAF Group, Startup TNT and Wheaton Group, along with entrepreneurs Sanders Lee, Ashif Mawji, and Blaine LaBonte.

HonestDoor says it will use the funds “to scale its real estate platform to facilitate the on-demand delivery of automated valuation models on any property in Canada at a consistently high level of accuracy.” The company also plans to test its model in select U.S. markets.

HonestDoor says it leverages real estate data, machine learning, data science and a team of data analysts to provide estimated property valuations on houses and condos. The company, which was founded in 2018, also aggregates property taxes, transaction data, permit data and neighbourhood growth rates to provide a resource for real estate information in Canada.

“Using HonestDoor, Realtors and existing/potential homeowners can make more informed decisions based on trends, predictive metrics related to the rental market or resale shifts in neighbourhood valuations, permits requested for a property they are considering buying, home assessments and more,” the company says in a news release.

The company says it will soon provide this information for almost every property in Canada, not just those listed for sale.

Daniel Belostotsky, founder and CEO of HonestDoor, says, “With this injection of capital, we can build on our success to date. That means scaling our platform and fine tuning our data models to ensure that Canadians across the country have real estate valuations at their fingertips, backed by an unmatched degree of accuracy.”

HonestDoor is currently a real estate resource for those living in British Columbia, Alberta and Manitoba. It says it has a median error rate of 2.48 per cent for listed properties and 7.55 per cent for off-market real estate.

“In the same way as Canadians sign up to receive updates on their credit score through companies like Borrowell and Credit Karma, since January 2022 roughly 10,000 users have signed up to monitor their HonestDoor price,” says Belostotsky. “We anticipate this number to increase substantially over time.”

HonestDoor says it has also become a resource for real estate agents and brokers that want easy access to land title transactions and are looking to provide their clients with home valuations by adding the HonestDoor widget (API) to their websites. Lenders and mortgage brokers also rely on HonestDoor to help inform decisions for mortgage applications, the company says.

“HonestDoor is the first of its kind real estate search engine to provide key data, facts and price predictions on properties,” says David Nault, general partner at Luge Capital. “The real estate market in Canada lacks a central resource for complete property data and price insights. HonestDoor’s comprehensive property and valuation reports are helping consumers, real estate agents and lenders make better decisions.”