Homesnap, a real estate technology company that provides a mobile productivity app and marketing platform for real estate brokers, agents and clients, announced this week that it plans to grow its offerings thanks to $14 million in new funding.
The new capital comes courtesy of Homesnap’s Series B funding round, which was led by Updata Partners, with participation from Moderne Ventures along with individual investors.
The new investment brings the total capital raised by Homesnap to more than $32 million.
According to the company, the capital raise comes on the heels of a year of record growth that saw Homesnap grow its revenue by 250% year-over-year.
During 2017, Homesnap was honored as one of HousingWire Magazine’s Tech100, an award reserved for the top technology companies in the real estate and housing space.
According to the company, approximately 71% of the nation’s real estate agents are currently using Homesnap Pro, the professional version of its mobile software.
Homesnap technology also powers the Broker Public Portal, a national home search platform launched by brokers and multiple listing services around the country.
And the company plans to use the new funding to develop new tools that will allow real estate agents to increase productivity in the field and to power automated digital marketing for agents and brokerages.
“Homesnap has been endorsed by the industry, and, thanks to its national footprint, powerful software and strong relationships with agents, brokers and MLSs, has become a force to contend with,” Homesnap CEO John Mazur said.
“This new funding will allow us to accelerate our mission to create the best software for agents to succeed in a mobile-centric world,” Mazur added. “Our goal is for every agent - and their clients - to use Homesnap every day to do their jobs better, and this funding will make that goal a reality.”
Carter Griffin, general partner at Updata, said the company is “excited” to support Homesnap’s continued expansion. “Demand for verticalized software solutions continues to increase and Homesnap equips agents with the most effective solution in real estate we have seen to date,” Griffin added.
Constance Freedman, the founder and managing partner of Moderne Ventures, said that Homesnap rises above other real estate tech firms.
“We look at over 4,500 real estate related technology companies every year, and Homesnap has created a value proposition for the industry that outshines almost everything else we’ve seen,” Freedman said.
“It provides a fully integrated mobile platform for agents, teams and brokers to provide the experience that their clients are demanding and integrates with other providers and solutions throughout the lifecycle of a real estate transaction,” Freedman continued. “Homesnap has a remarkable product that was built with the best interests of agents, brokers and our industry in mind. This has made all the difference in driving adoption of Homesnap across the country. We are thrilled to support its continued growth.”