Real estate startup turns to NFX partner and Trulia Founder for backing

Modus founders look to Founder of Trulia and a venture capital firm partner for investment

The founders of Seattle-based Modus cold-emailed Pete Flint, the Founder of Trulia and a current managing partner at the venture capital firm NFX, for months, to no avail. In a last-ditch effort, Alex Day, Jai Sim and Abbas Guvenilir sent one more message to the investor whose real estate listings tool sold to Zillow in 2014 for $3.5 billion. They were at a coffee shop below his San Francisco office, was he interested in meeting?

Fortunately for them, he was.

Modus, a real estate startup focused on title and escrow services, has announced a $12.5 million Series A financing co-led by NFX’s Flint and Niki Pezeshki of Felicis Ventures. Liquid 2 Ventures and existing backers, including Mucker Capital, Hustle Fund, 500 Startups, Rambleside and Cascadia Ventures, also participated in the round.

“The first revolution in online real estate was transforming the research experience, the next revolution in the industry is transforming the transaction."

Modus launched in 2018 with a focus on Washington (state) real estate opportunities. The startup, led by former employees of a nearly defunct lunch delivery company, Peach, has developed software to help both agents and home buyers navigate the home closing process, which, unlike many other real estate experiences, has yet to receive a boost of innovation from startups building in the sector. That’s why Modus started with an emphasis on escrow services, though the team’s long-term vision, they explain, is to power all real estate transactions.

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