Home365, a tech-enabled platform making real estate investing and property management accessible to the masses, today announced a Series B funding round of $26 million, led by Viola Growth with participation from existing investors GreenSoil PropTech, O.G. Tech, Verizon Ventures, North First Ventures, Lool Ventures, and Gatewood Capital.
A technological solution to traditional property management
Unfortunately, traditional property managers offer little value since old school methods lead landlords to lack predictable ROIs. Moreover, generally, owners’ and property managers’ interests are completely misaligned which leads to trust issues. Because of this, landlords are often required to stay involved in every aspect of management, making the entire experience annoying and costly. Since most people invest in rental properties to achieve additional income, guaranteed returns are what they are looking for– this is exactly what Home365 is offering.
Home365 helps investors through real estate investing education, acquisition of investment properties, day-to-day property management of the assets across multiple metros, and growing their portfolio over time while underwriting the performance of their assets. And so, they have democratized real estate investing for everyone across the globe. Their AI-driven platform considers the countless variables that affect real estate investments by analyzing and underwriting more than 40 data points like property age, size, and location. They do so in an attempt to control the many uncertainties that come along with property management, like, vacancy, day-to-day maintenance, and operational costs. For example, the platform identifies qualified tenants, conducts credit, background, and rental history checks, and tenants themselves can report maintenance and repair issues through the Home365 app, which guarantees quick attention and accountability. It manages over 5,000 maintenance vendors, through an AI-powered maintenance repair solution, so that home maintenance is resolved transparently and quickly.
Home365’s claims and property management platform automates labour-intensive maintenance processes, financial transactions, property accounting and digitizes communications which improve the resident’s experience and deliver consistent, superior financial returns for owners. The platform is, therefore, able to decrease errors and profit loss for investors all the while being flexible, extensible, hassle-free, and above all scalable.
Home365 currently manages more than $1.5 billion in investment assets across 7,000 properties in 17 cities and seven states in the U.S. With the new capital, Home365 plans to deepen the functionalities of its platform while also expanding into new domestic metro areas in multiple cities across the country including Chicago, Seattle, and Phoenix. Moreover, they hope to build international channels to attract real estate investors from overseas.
Home365 was founded in 2015 by Daniel Shaked (CEO). They have raised a total of $42 million, with the current funding round following just 10 months after their Series A, which secured $16.3 million.