RealSavvy May Add SF, LA to Social Real Estate Apps After Funding
Austin—RealSavvy, the Austin, TX-based startup behind a real estate app with Pinterest-like qualities for home buyers and agents, is looking to expand to cities outside of the state after receiving a new round of funding last month, co-founder and CEO Rick Orr tells Xconomy.
The company received $1.6 million in October from FF Angel, an arm of Peter Thiel’s Founders Fund, as well as Capital Factory Fund and Stephen Oskoui, a venture partner at Founders Fund. Orr says that his company wants to use some of the money to bring its real estate coverage to the major metropolitan markets in Texas it does not already serve, as well as to move outside of the state and into San Francisco, Los Angeles and Florida in the next four months.
The funding will also allow the company to grow its sales, marketing, and product development teams.
RealSavvy is a social media network of sorts that real estate agents and brokers can use to interact with clients. Buyers can browse its database of multiple listing service (MLS) properties, and pin properties they like and want to discuss with their agents. Buyers and agents can message through the mobile or web apps, which provide live updates on listings.
The company was founded in 2014. The total round was listed as $2.7 million in regulatory filings because it also included the conversion of $1.1 million in convertible notes, Orr says.