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HonestDoor raises $2.2M seed round for real estate valuation platform

HonestDoor, an Edmonton-based proptech that offers a free platform for searching real estate valuations, announced raising a $2.2 million seed round led by Luge Capital, according to Storeys.

Launched in 2018, the company utilizes machine learning and real estate data to provide estimations for home property valuations. In addition to existing valuations, HonestDoor’s team of data analysts also aggregates property taxes, transaction data, permit data and neighborhood growth rates to provide an all-encompassing view of real estate.

HonestDoor says it will use the funds to scale its platform to facilitate on-demand delivery of automated valuation models (AVMs) for any property in Canada with a high level of accuracy. It also plans to begin testing its model in models south of the border.

“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,” said 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,” he said.

While the platform is currently available to those living in British Columbia, Alberta and Manitoba, it says it will soon provide this information for almost every property in Canada, including those not listed for sale.

The platform also receives more than one million views each day and has received more than 30,000 user submissions to date on properties by homeowners, according to the company.

“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. We anticipate this number to increase substantially over time,” Belostotsky added.

Bluesky Equities, Conconi Growth Partners, Panache Ventures, REACH Canada, SAF Group, Startup TNT and Wheaton Group also participated in the seed round.

HonestDoor does have competition up north, with Toronto-based proptech Properly also recently raising $44 million in July 2021 for its online home valuation software.

In other recent proptech news, Figure and Apollo announced completing a transaction which included mortgage origination loans and ownership transfer via blockchain. Baselane also launched its landlord banking platform for simplifying rental property finances.

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