Reali, a tech-focused real estate company that offers flat fees for both buyers and sellers, announced Wednesday that it raised an additional $4 million to fund its growth in and around the Silicon Valley area.
Earlier this year, Reali raised $5 million, which it planned to use to expand its operations throughout San Francisco. Now, the company raised $4 million more, closing out its Series A round of funding with $9 million raised in total.
Reali launched last year, and the company reports that it’s seen “strong growth” so far, namely 50% growth quarter-over-quarter.
The company’s services are currently available in parts of Northern California, including the cities and surrounding areas of San Francisco, Palo Alto, San Jose and Sacramento.
The company says that what sets it apart is the fact that it offers a flat fee model for both buyers and sellers.
The company claims that each transaction through Reali saved homebuyers an average of $28,550 off the cost of their home purchase.
Leading this new round of funding was Silicon Valley investor, Oren Zeev, who serves or has served as a board member at Houzz, Audible, Chegg and HomeLight.
As part of the funding, Zeev will join Reali’s board.
“As an investor in the space, I’m seeing a lot of room for innovation in the housing and real estate industries,” Zeev, the founding partner at Zeev Ventures, said. “Reali has experienced significant momentum in just a year since they first launched to disrupt the real estate industry and I’m excited to work with them to continue scaling their business.”
Zeev contributed $3 million of the $4 million raised. The remaining $1 million came from existing investors. Silicon Valley venture fund Signia Venture Partners led the company’s earlier round of funding.
“Oren and I have enjoyed a successful collaboration for the past twenty years when he invested in a previous company that I started,” said Amit Haller, Reali’s co-founder and CEO. “His track record as a backer of tech disruptors is impressive. I’m pleased to have his expertise on hand as we continue building our business as the best experience available to home buyers and sellers.”
The company said that it plans to use the new funding to increase its marketing and engineering efforts and expand to new metropolitan areas.
In addition to an app that guide the buyer and seller throughout the entire sales process, Reali also offers full mortgage brokerage services and a warranty is offered to both homebuyers and sellers.
