Showdigs, a Seattle-based proptech providing scheduling and showing technology for real estate agents, announced yesterday closing its $7.4 million Seed II funding round led by MetaProp, according to a press release.
The company says it will use the funding to strategically expand its team, rapidly launch its end-to-end leasing software to property managers nationwide, and grow its agent network across the US and Canada.
“Showdigs is leading the next major shift towards scalable, high-touch technology solutions in the single-family property management industry,” said Aaron Block, co-founder and Managing Partner at MetaProp as an incoming board member.
“The incredible year-over-year growth they’ve achieved with limited resources made our investment a straightforward decision—we’re excited to see their growth in 2022,” Block said.
Vesta Ventures, Fortson VC, Tacoma Venture Group and previous lead investor Trilogy Equity Partners also participated in the fundraise, which follows the company’s previous $3 million seed round in April 2019. The company has now raised $10.4 million in funding since its founding in early 2018.
Showdigs has seen success since launching its single-family leasing process platform in four major US markets, including Seattle, Denver, Portland and the Bay Area, capitalizing on over $10 billion of institutional investment in the single-family rental market.
This sector is expected to continue growing rapidly, currently valued at $3.4 trillion, with property management companies and institutional investors seeking disruptive technologies to scale.
In this respect, Showdigs provides supplemental income for its growing agent and broker network, which enables on-demand showings, SMS automation and a 24/7 automated leasing line.
“After a decade of first-hand experience working in the property management arena, I’d found myself continually frustrated with the multitude of crucial gaps throughout the process of listing to leasing a property,” Showdigs founder and CEO Kobi Bensimon stated in the release.
“Once I realized that I could fill these voids with a tech platform centralizing the process, Showdigs was born. Since 2018, we have been dedicated to building the tech that modernizes the entire rental turnover process. This includes on-demand tour scheduling, our smartphone app, and of course our main differentiator: a network of Showdigs agents,” Bensimon said.
In other recent proptech news, large proptech VC Fifth Wall announced closing €140 million (~$160m USD) in funding for its European Real Estate Technology Fund. Ark7 also announced plans to allow users to dip into IRAs for fractional property investment.