RealSavvy Takes $2.5M to Bring Real Estate App to Three New States
Austin—RealSavvy, a customizable online service that enables real estate brokers and agents to communicate with potential clients, is taking a $2.5 million round of financing that the company will repay in payments based on its monthly revenue.
Timia Capital is providing the revenue financing round. The Vancouver, Canada-based specialty finance firm makes these deals with software-as-a-service businesses that sell their services to other businesses, in particular smaller companies and startups in the process of increasing annual revenue from $1 million to $10 million, according to a news release.
Founded in 2014 by Austin entrepreneur Rick Orr, RealSavvy lets brokers and agents create custom websites and mobile tools to work with their real estate clients. The startup works as hub for the agent and buyers to communicate that’s similar to Pinterest, letting buyers search any variety of home browsing sites—such as Zillow or Realtor.com—and then “pin” a home listing they like back to a personalized board on the RealSavvy app.
RealSavvy plans to use the funds to expand in Georgia, Florida, and California. It currently operates in Texas. The company previously raised a little more than $1 million in 2017, according to a securities filing. It added $1.6 million in October 2016 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.