Maine-based Simply Homes Secures $22M in Funding. Gutter Capital and Watchung Capital led the investment, and additional participants included Neil Parikh, Gabe Flateman, Luke Sherwin, Village Global, Ambush Capital, and RavenOne Ventures.
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The funds will be utilised by the business to expand its operations and buy more real estate. Simply Homes is an automated SFR sourcing and underwriting platform that mobilises stagnant housing supply to address the affordable housing problem. It is led by CFO Robert Kavanagh and Founder and CEO Brian Bagdasarian.
It makes use of its in-house, AI- and ML-powered platform to locate, appraise, and purchase underutilised housing stock so that families qualified for HUD’s Housing Choice Voucher programme can buy it.
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Simply Homes bought its first property in January of this year, closed on its 50th property in early November, and by the end of the year, it will have over 100 properties in its portfolio.
The organisation, which is already operating in Pittsburgh and Cleveland, plans to expand into more midwestern towns in 2024. By doing so, it hopes to promote social and economic mobility in those locations by enhancing the ability of the most vulnerable families to get stable housing.
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Currently, Simply Homes is creating a line of artificial intelligence (AI)-driven virtual analysts that can quickly analyse vast volumes of data that the business gathers and uses to make purchases.
About Simply Homes
Simply Homes revolutionising the way that outdated and older properties are sold here at Simply. They think that by making investments in houses in need of minor repairs, we can benefit both our sellers and the neighbourhoods they are trying to improve. Don’t bother with repairs. Sell Straightforwardly.
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