Proptech Startup Ivy Homes Raises $7 Million In Seed Funding Round The funds will be utilised to build product and expand the team
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Ivy Homes, a new-age prop-tech startup that uses artificial intelligence and machine learning to provide instant liquidity to sellers, has raised $5.75 million in equity and $1.3 million in debt in a seed round of funding.
The round saw participation from leading investors, including Khosla Ventures, Venture Highway, Y Combinator, GFC, Foundamental, Better Capital, Rebright Partners and Titan Capital, said a statement.
"The funding that we have raised is a big step toward realising our mission to deliver transparent solutions to the real estate sector. With our unique data and pricing engine, we aim transform what is a complex, painful and month-long ordeal into a transparent and predictable process," said Abhilash Narahari, co-founder, Ivy Homes.
"Home selling is such a large problem to solve, and we believe the best way to deliver a superior customer experience is by being fully transactional," said Pritam Thakur, co-founder, Ivy Homes.
Ivy Homes makes instant offers to buy homes using AI and Machine Learning. It uses a machine-learning-based pricing algorithm to forecast the fair market value of a property based on more than 50 parameters. As a result, Ivy Homes claims to serve a fairly vast market that has remained relatively unchanged in recent years. It claims to provide a substantially more convenient option to selling by handling the whole process while also enhancing the experience of home purchasers for resale homes.
"As the first institutional investors, we are excited to back founders who solve complex problems and deliver category-creating solutions. Abhilash and Pritam bring a combination of domain, previous start-up and tech experience, and in this we saw a strong founder-market fit. We believe Ivy Homes has the opportunity to create a tech-driven 'never before seen' customer experience for home sellers and buyers," said Priya Mohan, partner, Venture Highway.