Colorado-based end-to-end real estate brokerage platform zavvie has announced that it has secured $1.75 million inside round funding from existing investors including Second Century Ventures (the investment arm of the National Association of Realtors).
The company, whose board of directors includes noted PropTech commentator Mike DelPrete, is essentially a marketplace that aggregates all of the offers from institutional buyers such as iBuyers and Bridge Buyers and connects with brokerages so that their agents are involved in these types of transactions and can facilitate the best offer for the seller. The model has seen some impressive growth since the firm's foundation in 2015 with around 30% of the top brokerages now using zavvie's services according to a press release.
With iBuyers such as Zillow's Offers division, Opendoor and Offerpad now ramping up their operations again after the worst of the pandemic and Bridge Buyer companies such as Knock and Ribbon also becoming increasingly popular the company expects to grow quickly over the coming years as these concepts grow in popularity according to CEO and Founder Lane Hornung:
"iBuyers and Bridge Buyers are buying more homes than ever in almost every major market. The market opportunity for zavvie is massive as we are uniquely positioned at the center of this growth. By keeping agents involved in all real estate selling options, zavvie facilitates the convergence between the traditional industry incumbents with the new disruptors and innovators."
Elaborating on his company's value proposition, Hornung went on to say:
"Homeowners want two things when they are thinking about selling a home. First, they want to know about every option available to sell. Second, they want to work with a trusted real agent to walk them through all the choices. The zavvie platform is the only technology that does both at the same time.”
New trusted institutional buyers are constantly being added to zavvie's list of verified buyers and the company recently started producing reports on seller preferences and developed a handy buyer map for consumers to see which options are available where they live.