Courted.io, a professional network for residential real estate agents, today announced raising a $6 million seed round led by Human Capital, according to a press release.
The company also announced it was recently invited to join the REACH class of 2022, and will be entering the technology scale-up program that was created by Second Century Ventures and is backed by the National Association of Realtors (NAR).
The network provides agents with an automated way to connect with other agents, power cross-market referrals, find mentorship and stay up to date with important industry data and trends.
Courted says it will use the funding to continue building out its product and expand to top U.S. markets, following its launch in South Florida. The round also included participation from Lakehouse, who led Courted’s pre-seed round, REACH and angel investors, according to the release.
The company noted that 20% of full-time agents in Miami-Dade county currently use the platform, and says this agents represent dozens of brokerages and more than $9 billion in annual sales volume.
“We’ve hit significant milestones in our first year, including our launch in South Florida, mobile app deployment, and incredibly positive adoption and feedback from our members, brokerages, and ecosystem partners,” said Sean Soderstrom, Courted.io co-founder & CEO, who previously built and scaled the national expansion function at Compass and co-led McKinsey’s residential real estate practice.
“We believe that agents are here to stay, and this investment in Courted and strategic alignment with the NAR & REACH demonstrate confidence in our vision to empower the agents at the center of the industry,” said Soderstrom.
Courted.io says that after analyzing agent performance across the country over time, it learned that agents that collaborate with one another are most likely to grow their businesses to higher levels.
It says this led it to build the network, adding that historically-high population mobility and record-low inventory make it critical for agents to network effectively within their local market and across the country.
By partnering with NAR, the REACH program leverages more than 1.5 million members to help startups meet industry demands and scale their products. Courted says its entrance into the program will enable it to amplify its platform to agents nationwide, echoing expansion efforts stated by the company.
“Courted understands that networking is essential to an agent’s success. This team is building a product that enables agents to collaborate more effectively, which has the potential to transform the residential real estate landscape,” said Tyler Thompson, Managing Partner of Second Century Ventures.
In other recent proptech news, DropOffer announced desire to open up off-market inventory for agents and consumers. Ownwell also raised a $5.75 million seed round for its property tax services.