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- 🦄 New unicorn on the block
🦄 New unicorn on the block
How this PropTech company is helping institutional single family owners
Ben Hofer
May 21, 2023
⭐Welcome to PropTech Stars!
A weekly roundup of the latest in proptech startups, news, analyses, and more! 🏠
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📰 TLDR
Avenue One is valued at $1 Billion
Nationwide Building Society 0% interest on green loans
Obie raises $26m in Series B
Europe’s Largest PropTech Event is coming up
Orbital Witness CEO interview
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By gathering the smartest newcomers & established proptech solutions in real estate, we aim to boost innovation and sustainability across the ecosystem.
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📝Latest in PropTech
The latest announcements and developments in proptech
Avenue One - Launched in 2020, now reportedly valued at $1 billion, has made its mark in the industry by assisting single-family landlords in the buying and selling of rental properties.
The company recently raised $100 million, catapulting it into the coveted 'unicorn' status, according to a Bloomberg report citing an inside source.
Interestingly, Avenue One's strategic decision not to directly purchase properties has served as a protective buffer against the deceleration of rental home acquisitions, a result of escalating interest rates.
Read more below in our Startup Highlights
Nationwide Building Society - is set to introduce 0% interest green additional borrowing products to incentivize up to 5,000 homeowners with a Nationwide mortgage to undertake green home improvements.
Available from June 1st, the products will allow eligible households to borrow between £5,000 and £15,000, up to a maximum of 90% loan-to-value, for a term of two or five years.
For instance, a member borrowing the upper limit of £15,000 over five years will now pay £250 per month, a saving of £25.50 monthly, or £1,530 over the entire term, compared to the existing green borrowing product rate of 3.89%.
Obie - an embedded insurance provider for real estate investors, recently raised $26 million in a Series B financing round to enhance its product offering and establish new partnerships.
Ryan Letzeiser, Co-Founder and CEO of Obie, expressed his excitement over the continued support from investors as the firm seeks to revolutionize the insurance purchase process.
Since its inception in 2017, Obie has been employing its embedded insurance solutions to deliver instantly bindable quotes to real estate investors via its partner platforms.
🤿Startup Highlight: Avenue One
An analysis and profile of a different proptech company each week
Avenue One is disrupting the traditional real estate landscape. Unlike traditional property management firms, they don't buy properties but rather empower institutional owners of single-family homes to do so more efficiently. This strategy has not only set them apart but also insulated them from market fluctuations, such as the recent dip in rental home purchases due to increasing interest rates.
Taking a closer look, we see that Avenue One is all about delivering value in a unique and innovative way. This is made apparent by their approach to supporting landlords in their investment journey.
Avenue One's Offerings
Source - using proprietary data & analytics to find under-valued properties
Buy - with specialists that can underwrite in less than 90 seconds
Renovate - with local contractors and partners
Lease - procurement of high quality, long-term tenants
Manage - local network to manage properties efficiently
Moreover, the company's recent achievement of unicorn status, with a billion-dollar valuation, only reinforces their position as a game-changer in the property tech arena. Their impressive growth and potential are not only recognized by the landlords they support but also by the investment community. This further highlights Avenue One's promise and capacity to redefine the real estate investment landscape.
Avenue One’s Stats
Deployed over $2.2B for institutional investors
Contracted more than $400m to over 400 local partners
Operational in 21 markets across the U.S.
In essence, Avenue One embodies the evolution of property investment, harnessing technology and innovative strategies to provide landlords with a seamless, efficient, and rewarding experience. With their continued growth and development, they are set to remain at the forefront of the real estate tech sector.
🔎Interesting Reads & Resources
Interesting information and resources for proptech startups, founders, investors, or aficionados
Europe’s Largest PropTech Event is coming up @ the InterContinental London - The O2 | 6th - 7th September
Orbital Witness CEO & Co-Founder Will Pearce chats with Ian King to announce our £7.5M Series A funding round. In this interview, Will discusses the future of property due diligence and the transformative power of AI technology in streamlining the process.
🎯That's it for this week!
Did I miss anything? Or just want to say hey?
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