Knox Financial, a Boston, MA-based fintech company for homeowners, raised $3M in seed funding.
The round was led by Greycroft, with participation from Pillar VC.
The company will use the funds to expand operations and its business reach.
Led by David Friedman, CEO, and Spencer Taylor, COO, Knox provides homeowners with a rental property wealth creation and cash flow platform. Through the service, homeowners can receive a distribution of the net profit from their rental property each quarter, with Knox handling the details of turning homes into rental properties and maximizing the investment return. The platform automates many aspects of generating passive income through rental properties, including financing and refinancing, accounting, tax, legal, insurance, tenant sourcing and communication, and property maintenance. Further, Knox’s proprietary rental pricing and projection model understands the value, mortgage data, taxes, insurance costs, and rental market trends related to each home, which enables the company to quickly and accurately calculate the cost to operate a home as an investment property and the net cash flow and investment rate of return a property will produce over time.