Clever Real Estate is on track to achieve profitability in the second half of the year, demonstrating its commitment to financial discipline and long-term success.
ST. LOUIS, May 10, 2023 - Clever Real Estate, a fast-growing real estate technology company, has raised an additional $2 million in funding from venture capital firm Cultivation Capital and EssentVentures LLC, a subsidiary of Essent Group Ltd. (NYSE: ESNT).
The financing round also includes real estate tech strategist Mike DelPrete and builds on the company's previous $11 million in equity capital, signaling continued belief from industry insiders during a time of market uncertainty.
"Clever has been a company that always exceeds expectations," said Clifford Holekamp, co-founder and managing director of Cultivation Capital. "We are pleased to have the opportunity to support them again in this funding round."
This strategic investment comes as Clever launches a title and escrow closing solution in the second quarter of 2023 and continues to grow its lender partnerships channel, which has grown 700% year-over-year and is on pace to transact over $750 million in real estate this year.
"Clever has built the No. 1 online education platform in real estate," Clever's Co-Founder and CEO Luke Babich said. "In Clever's next chapter, we're using that platform as a springboard to launch new solutions for both consumers and real estate professionals. We couldn't be more excited to welcome these new partners to the table, who bring additional capital and expertise to help Clever achieve our mission."
The news follows the company ranking No. 65 on Inc.'s List of Fastest-Growing Companies in the Midwest, as well as the company bolstering its leadership team with recent hires: VP of Content, Rachael Maier, from Healthline; SVP of Partnerships, Tony Chahal, from HomeLight; and Head of Finance, Bryant Gonzales, from Invitation Homes and Sundae.
Clever's main content business, which generated over 70% of Clever's $3.25 billion in real estate sales in 2022, has experienced 50% year-over-year growth. This growth has been driven by the company's emphasis on educational content, which attracts 10 million readers annually, and its ability to help Realtors and mortgage lenders increase revenue in a challenging environment.
About Clever Real Estate
Clever Real Estate is on a mission to connect people with the most trustworthy advice and the best solutions for every step of their real estate journey. Clever's primary offering is a realtor matching platform that helps home sellers and buyers compare personalized realtor matches and save up to 50% of the typical fees. Clever's network spans 19,000 agents across all 50 states.
About Cultivation Capital
Cultivation Capital is an early-stage venture capital firm investing in software technology, life sciences, agriculture technology, and geospatial technology companies. Since its founding in 2012, the firm has invested in over 150 companies and is recognized as one of the most active early-stage investors in the United States.
Please contact Kristen Herhold at kristen.herhold@movewithclever.com with any questions or to arrange an interview.
CONTACT:
Kristen Herhold
Clever Real Estate
kristen.herhold@movewithclever.com
SOURCE Clever Real Estate
