Online real estate brokerage Reali Inc. has just landed an additional $3 million investment to its Series A round from Silicon Valley investor Oren Zeev. The company plans to use the cash to boost its marketing and engineering efforts and expand to new metropolitan markets.
Reali, which only launched last year, offers a service that aims to take the hassle out of buying and selling real estate, promising buyers a full refund of the standard buyer’s commission to help save them money. Instead of charging a commission, Reali takes a flat fee of just under $5,000 for each transaction. Seller’s commissions are also reduced to four percent. The company says its model means that buyers can save an average $28,550 off the cost of their home purchase.
The company is able to offer these kinds of discounts thanks to its focus on technology, such as installing smart locks in homes and Bluetooth beacons so potential buyers can tour homes without an agent needing to be present.
Reali claims it’s doing rather well for itself, with growth rates of more than fifty percent quarter over quarter this year. The service is currently available in San Francisco, Palo Alto, San Jose and Sacramento
The company will not only benefit from Oren’s cash but also his expertise in the real estate technology industry, as he has previously served or currently serves as a board member of several companies, including Houzz, Audible, Chegg and HomeLight. Oren will now join Reali’s board of directors.
“As an investor in the space, I’m seeing a lot of room for innovation in the housing and real estate industries. Reali has experienced significant momentum in just a year since they first launched to disrupt the real estate industry and I’m excited to work with them to continue scaling their business," said Oren Zeev, Founding Partner at Zeev Ventures.
The addition of $3 million from Zeev Ventures and another $1 million from current investors brings the total Series A funding to $9 million. Lead investors in the initial Series A round included Signia Venture Partners.
“Oren and I have enjoyed a successful collaboration for the past twenty years when he invested in a previous company that I started. His track record as a backer of tech disruptors is impressive. I’m pleased to have his expertise on hand as we continue building our business as the best experience available to home buyers and sellers,” said Amit Haller, Reali’s co-founder and CEO.