Avenue 8, a technology-focused broker, announced Monday that it had raised $ 14 million in new funds.
The cash injection is part of the company’s Series A funding round and comes from multiple investors including Threshold Ventures and Craft Ventures. In a statement about the money, Avenue 8 said that “this is a new chapter in our history.”
“Since our inception last year, we’ve seen incredible organic growth – with hundreds of deals closing at an average price of over $ 1 million and a growing team of nearly 100 agents in Northern and Southern California,” added the explanation. “This funding gives us the resources to build on that momentum and have an even greater impact on modernizing the real estate industry.”
Avenue 8 is based in San Francisco with offices in Los Angeles. The company differentiates itself by offering a mobile technology platform for its agents. It also has a program for sellers called Valet that offers home renovation and interior design. Homeowners who use the service don’t pay for work until their property is sold.
The company also charges agents a flat fee and states that the current average for transactions it is processing is $ 1.5 million.
News of Avenue 8’s new fundraising round was first reported from the Real Deal.
The company now has big plans for its new cash, following a $ 4 million startup round that closed in December. Its statement on Monday said it now plans to open offices in New York and Miami in the near future – and hire agents in those cities.
The company also said it was founded “on a commitment to innovation and evolution” in real estate and that the new funding should allow it to build on that vision by upgrading its technology and people.
“We will continue to improve our platform to make doing business easier, more efficient and more rewarding for agents, and we will expand the services and development opportunities we offer,” the statement concluded. “We will focus more than ever on creating a complete end-to-end experience for agents, buyers and sellers.”
Email Jim Dalrymple II