Ownwell, an Austin-based proptech that helps commercial and residential property owners analyze and handle their taxes, announced today raising a $5.75 million seed round led by First Round Capital, according to a press release.
The company says it will use the capital to further develop its technology and accelerate hiring in sales, marketing, operations and its local expertise. Ownwell says that over the past nine months it has grown its team size sevenfold and multiplied its customer base by 40.
Ownwell’s services are aimed at property owners who are overpaying on their property taxes. Ownwell uses its technology to detect these customers and earn reductions on their tax bills.
“Property owners have a lot to consider when deciding to protest: the costs in time and money, the complexity of the process, and the access to real estate expertise and advice,” stated Colton Pace, Ownwell CEO, in the release.
The company states that homeowners pay billions of dollars in extra taxes due to inequities in assessing property values, and says by finding and addressing these inefficiencies, they make the costs of property ownership more equitable.
“As part of our mission to reduce the inequities of property ownership, Ownwell handles the entire process of appealing on behalf of property owners and charges the lowest fees currently on the market. We ensure all property owners, regardless of financial status, have access to the tools, resources, and information they need to manage their property taxes with confidence,” Pace said.
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Once a customer signs up, the company gives the property owner an instant savings estimate based on current sales and valuation data. If the owner chooses to protest their current property assessment, Ownwell’s local property tax experts work with clients to build a successful case.
The company also says it provides a “Savings-or-Free Guarantee,” which it says means customers only pay if Ownwell saves them money. The proptech also estimates that nine of 10 protests are successful, with customers saving an average of $1,457.
Ownwell currently offers services in Texas, California, Washington and Florida, and stated plans to expand its geographical footprint.
The seed round also included participation from Wonder Ventures, Founder Collective, Long Journey Ventures and PayPal board member Scott Banister, and brings the company’s total funding raised to date to $7.5 million.
In other recent proptech news, Offerd unveiled upgrades to its Acquisition-as-a-Service platform. JLL also led a $15 million funding round for portfolio management proptech Re-Leased.