May 10, 2017
Cofounder of Yodle, Ben Rubenstein, who sold the company to Web.com in 2016 for $342MM, is at it again. He’s scaling his next venture with Opcity, the real estate technology company improving residential real estate’s consumer experience by matching top agents with qualified home buyers and sellers in real-time.
Today the company announced that they’ve raised a Series A financing of $27 million, the largest venture raise in Austin of 2017. The round was led by Silicon Valley-based Icon Ventures, with participation from AI-focused Georgian Partners, and Texas-based LiveOak Ventures.
In addition, Tom Mawhinney of Icon Ventures will join the Opcity board. The company plans to use the funding to rapidly scale its workforce and establish an award-winning culture to expand its footprint to real estate brokers nationwide.
We’ve seen more real estate tech companies such as Opendoor and OfferPad finding ways to streamline and simplify the process of buying and selling a home for consumers and raising ridiculous amounts of capital to get it done.
Rubenstein’s approach with Opcity is to take on the risk of lead generation for the real estate broker with no upfront fees. The company does the leg work to match homebuyers with the right Realtor.
“The home buying and selling experience for brokers, agents and consumers has historically been complex and at times extremely frustrating,” said Rubenstein. “Our goal at Opcity is to simplify this process and to generate a more efficient ecosystem by matching home buyers and sellers with the right agents in real-time and then optimizing their experience every step of the way. We also take on all upfront costs, which ensures we’re completely aligned with the brokers, their agents, and the consumers, as we do not get paid until a transaction successfully closes.”
Opcity has expanded their base and work with over 350 brokerages and more than 4,000 agents on the platform, spanning the franchised brands including Better Homes & Gardens, Keller Williams, ReMax, Century 21, Berkshire Hathaway Home Services, and the leading independent brokerage companies.
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