Real estate focused startup Opcity, which offers a platform that matches agents with qualified buyers in real-time, has just landed a $27 million Series A funding round. Silicon Valley-based Icon Ventures led the round, which also saw participation from Georgian Partners and LiveOak Ventures.
Opcity has built a platform for agents, buyers and sellers that is able to identify those who're ready to make a transaction. It does so by analyzing users' data and inquiries via an algorithm that it claims is able to improve conversion rates by as much as three to five times the industry average. Agents and brokers can use the platform to seek out those clients at no upfront cost.
“The home buying and selling experience for brokers, agents and consumers has historically been complex and at times extremely frustrating," Ben Rubenstein, CEO and Founder of Opcity, said in a statement to Realty Biz News. “Our goal at Opcity is to simplify this process and to generate a more efficient ecosystem by matching home buyers and sellers with the right agents in real-time and then optimizing their experience every step of the way. We also take on all upfront costs, which ensures we’re completely aligned with the brokers, their agents, and the consumers, as we do not get paid until a transaction successfully closes.”
Rubenstein said the company will use the new cash to build out its workforce and expand its footprint nationwide, but its product has already proven to be a big hit with brokerages and agents across the country. Since launching in preview in 2016, the company now counts more than 350 brokerages and 4,000 agents as users, including professionals from major franchises like Better Homes & Gardens, Keller Williams, ReMax, Century 21, and Berkshire Hathaway Home Services.
“Opcity is one of the most compelling marketplace businesses we have seen, with the opportunity to transform the real estate industry while creating a win/win with all their constituents.” said Tom Mawhinney, General Partner at Icon Ventures. “Opcity has the total package of an incredible team, product, and business model.”