CPE News (3.17.2022) – HonestDoor has closed $2.2 million tranched seed funding round led by Luge Capital, with participation from Bluesky Equities, Conconi Growth Partners, Panache Ventures, REACH Canada, SAF Group, Startup TNT, and Wheaton Group along with inspiring entrepreneurs Sanders Lee, Ashif Mawji, and Blaine LaBonte.
Edmonton, Alberta based HonestDoor will use the funds to scale its real estate platform to facilitate the on-demand delivery of automated valuation models (AVMs) on any property in Canada at a consistently high level of accuracy. The company also plans to test its model in select U.S. markets.
Founded by Daniel Belostotsky, Nicole Dong and Macgyver Ussher, HonestDoor is a complete online resource for property valuations. HonestDoor leverages real estate data, machine learning, data science, and a growing team of data analysts to provide estimated property valuations on houses and condos. The company also aggregates property taxes, transaction data, permit data, and neighbourhood growth rates, among other insights, to provide the most comprehensive resource for real estate information in Canada.
photo credit: HonestDoor
News Release
HonestDoor Raises $2.2 Million in Seed Funding to Bring Accuracy to Real Estate Valuations
Funds will be used to scale the HonestDoor platform so that every Canadian has accurate real estate valuations at their fingertips
EDMONTON, Alberta – March 17, 2022 – HonestDoor, the most complete online resource for property valuations, today announced that it has raised CAD$2.2 million in seed funding. The funding round was led by Luge Capital, with participation from Bluesky Equities, Conconi Growth Partners, Panache Ventures, REACH Canada, SAF Group, Startup TNT, and Wheaton Group along with inspiring entrepreneurs Sanders Lee, Ashif Mawji, and Blaine LaBonte. HonestDoor will use the funds to scale its real estate platform to facilitate the on-demand delivery of automated valuation models (AVMs) on any property in Canada at a consistently high level of accuracy. The company also plans to test its model in select U.S. markets.
HonestDoor leverages real estate data, machine learning, data science, and a growing team of data analysts to provide estimated property valuations on houses and condos. The company, which was founded in 2018, also aggregates property taxes, transaction data, permit data, and neighbourhood growth rates, among other insights, to provide the most comprehensive resource for real estate information in Canada. Using HonestDoor, realtors and existing/potential homeowners can make more informed decisions based on trends, predictive metrics related to the rental market or resale shifts in neighbourhood valuations, permits requested for a property they are considering buying, home assessments, and more. HonestDoor will soon provide this information for almost every property in Canada, and not just those listed for sale. HonestDoor.com, which now receives more than 1MM views each day, is also unique in that it has received more than 30,000 user submissions to date on properties by homeowners, which further improves its data models.
“In today’s hot real estate market, Canadians want a fast and easy way to find out the value of their homes. This is one of the many reasons why HonestDoor has become the most trusted resource for property valuations,” says Daniel Belostotsky, founder and CEO of HonestDoor. “With this injection of capital, we can build on our success to date. That means scaling our platform and fine tuning our data models to ensure that Canadians across the country have real estate valuations at their fingertips, backed by an unmatched degree of accuracy.”
HonestDoor is currently the go-to real estate resource for those living in British Columbia, Alberta (where it also provides insights on commercial properties), and Manitoba. It has a median error rate of 2.48% for listed properties and 7.55% for off-market real estate.
HonestDoor’s high rate of AVM accuracy has prompted Canadians to sign up with the online resource to keep tabs on their property valuations. “In the same way as Canadians sign up to receive updates on their credit score through companies like Borrowell and Credit Karma, since January 2022 roughly 10,000 users have signed up to monitor their HonestDoor price,” explains Belostotsky. “We anticipate this number to increase substantially over time.”
HonestDoor has also become a valuable resource for real estate agents and brokers that want easy access to land title transactions and are looking to provide their clients with home valuations by adding the HonestDoor widget (API) to their websites. Lenders and mortgage brokers also rely on HonestDoor to help inform decisions for mortgage applications.
“HonestDoor is the first of its kind real estate search engine to provide key data, facts, and price predictions on properties,” said David Nault, General Partner at Luge Capital. “The real estate market in Canada lacks a central resource for complete property data and price insights. HonestDoor’s comprehensive property and valuation reports are helping consumers, real estate agents, and lenders make better decisions.”
About HonestDoor
HonestDoor is a proptech platform that uses real estate data, machine learning, and data science to provide Canadian real estate buyers, sellers, investors, and lenders with property valuations. The company’s mission is to help consumers make the best real estate decisions with up-to-date, accurate information about the current prices of any property, not just those that are listed for sale. For additional information, visit HonestDoor.com.
###
Jodi Echakowitz
Boulevard Public Relations
C: 416-271-7250
E: jodi@boulevardpr.com
www.boulevardpr.com