Home Bay Technologies, a San Diego-based real estate technology startup, announced Monday that it completed a $5 million round of funding and plans to use the money to expand.
The company said that E15VC, a global VC fund, led the funding round, with Foundation Capital of Silicon Valley and Serra Ventures also participating.
Currently, Home Bay operates in California and uses a “sophisticated software platform to buy and sell homes resulting in significant savings for consumers and an enhanced service experience.”
According to the company, its platform facilitated $250 million in home sales and saved customers $5 million in real estate commission fees for 500 home sellers since its rollout in 2014.
The company said that it will use the money raised in this funding round to grow its presence in California and launch in Florida.
“We believe that our disruptive technology will define the future of how real estate transactions occur,” Tom Owen, co-founder and CEO at Home Bay, said.