Savvy Lane, a proptech brokerage servicing the US West Coast, has recently announced that it has funded a Series Seed-1 round. Totaling at $2 million, the round was led and funded by a public company that targets innovative property tech solutions.
Savvy Lane will use the extra capital to continue scaling up its operations, develop its customer service for buyers and sellers and expand its out-of-state sales efforts. The brokerage looks to triple the number of employees and revenue within the next 12 months, tapping into the US market's need for alternatives to the traditional way to buy and sell property, which is currently saturated with fees.
Having started in 2015, Savvy Lane has not only closed an angel round earlier this year, but has tripled its annual growth along the US West Coast.
According to Co-Founder and CEO, Andrew Miklos, Savvy Lane's rise is due to its ability to meet the more nuanced demands of the average buyers and sellers. "The market is armed with more data, more digital tools and more insight than ever before. And still, the transaction experience has effectively remained, 'one size fits all.' We change that."
Miklos suggests Savvy Lane's model is akin to early tax industry pioneers TurboTax and HRBlock. "These companies revolutionized how taxpayers filed taxes. They applied technology and transparency, at scale, to provide an affordable, DIY, alternative to a cost-prohibitive CPA." The company believes its idea of "supported, self-service" fills a major market gap in real estate too.
"By providing everything from a la carte services for FSBO sellers to a 1% full-service agent experience, buyers and sellers can find the right option at the right time at the right price. Ultimately, we unbundle what the traditional agent does and create an end-to-end transaction experience, that's supported, if needed," noted Miklos.
Other notable achievements within the last year are the hiring of deeply experienced talents from companies including Carta and IGNW. Savvy Lane plans to continue its digital workflows, enhance its marketing and optimize the user experience. Balancing available innovations, the brokerage expects to avoid the inefficiencies that come with being a traditional brokerage and help its clients save.
SOURCE Savvy Lane
Edited by V. Haviland
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