Real estate deals that are worth tens of millions of dollars close every day, but it turns out that behind the scenes, the world of real estate investments is stuck in the 90s as they still heavily rely on Excel and email. But an Israeli startup wants the field to leave these technologies behind; they are developing a system that will help real estate investors manage their investments in a much more modern way.
For both companies and investors
Agora's platform for investors is a type of dashboard that concentrates the investor's entire portfolio in one place. By clicking on one project or property, you can see all details and any important related documents. The system also centralizes all documents in the cloud and allows you to sign them digitally, or search for them with a built-in search engine.
For real estate investment companies, there is a dedicated dashboard for managing investments. In the assets tab, you can find all the important information about each property and create automated reports for each and every investor, while in the investors' tab you can find all the information about each investor and any relevant documents, and in the documents tab, you can manage all the company's documents and share them with other parties.
In a conversation with Geektime, Bar Mor, CEO of Agora, said that the main goal of the product is to help real estate companies that raise funds from private investors to manage their relationship with those investors on multiple levels, be it a financial or interpersonal levels as well as considering taxation and compliance. Mor claims they have over 150 clients (although he did not specify which of them are paying clients), who manage over $40 billion in assets with 14,000 investors and 28,000 investments.
In addition, within the last year, the company developed a system for raising money for projects that enables automation and is meant to speed up the process of signing agreements. When I asked Mor if this is just a simple CRM system for the world of real estate investments, he replied that "Today, we provide much more than a system for managing information and automating processes; our system provides practical solutions that our clientele need. These are complementary products to our software, which allow our customers to have a one-stop shop with all their needs in dealing with investors and new transactions, all in one place– it’s convenient, technological, and accessible.”
And now Insight Partners is getting a piece of the pie
Yesterday (Wednesday) Agora announced the completion of a Series A funding round for $20 million, which was led by Insight Partners, with participation from Aleph. So far, Agora has raised about $29 million since it was founded in 2019 by Bar Mor, Lior Dolinski and Noam Kahan.
Insight has now joined in, among the existing investors: Aleph, RiverPark Ventures and Maccabee Ventures. Angel investors include Ran Sarig and Efi Cohen (the founders of Datorama), Sarit Firon from Team8, Doron Myersdorf (CEO of StoreDot), Hanan Mor (Bar’s father), and Guy Katsovich and Yair Vardi’s Fusion accelerator.