Real estate tech company zavvie announced Thursday that it has raised $1.75 million in new funding, some of which came from the National Association of Realtors’ (NAR) venture wing.
In a statement, zavvie described the new cash infusion as an “inside round” of funding. Second City Ventures — NAR’s venture capital fund that has invested in other companies such as Knock and Aryeo — contributed money for the round along with other existing zavvie investors, the statement explained.
Lane Hornung, zavvie’s co-founder and CEO, framed the investment as coming at a time when “the market opportunity for zavvie is massive.”
“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,” Hornung continued in the statement.
Zavvie offers an iBuying platform that can compare cash offers. Somewhat unusually for the iBuying space, however, the company prioritizes working with agents. It has also collaborated with other companies on offerings such as bridge programs, among other things.
Last fall, zavvie introduced a “Pro” platform, which is an agent-facing tool that allows agents to present selling options to their clients on an individually branded platform.
In Thursday’s statement, zavvie said that it has grown thanks to the “rapid market penetration of verified institutional buyers, including iBuyers and ‘buy before you sell’ bridge buyers.” The company also said that more than 60,000 real estate sales professionals now use zavvie’s platforms, and that those platforms “typically present over 100 offers a day nationwide.”
“Homeowners want two things when they are thinking about selling a home,” Hornung concluded in the statement. “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.”