Home365, a Santa Clara CA-based PropTech/InsureTech residential Real Estate investment and property management company, raised $16.3M in funding.
The round was led by Greensoil PropTech Ventures II (GSPV II) with participation from Eyal Ofer, O.G. Tech, Verizon Ventures, Lool Ventures and North First Ventures. In conjunction with the deal, Gideon Soesman, GSPV’s co-founder and Managing Partner, joined Home365’s Board.
The company, which has raised $24m since its 2016 founding, intends to use the funds to accelerate its end-to-end technology platform and its expansion into more of the top 100 markets across the United States.
Led by Daniel Shaked, founder and CEO, Home365 is an InsureTech/PropTech company, offering residential real estate investors a fully automated Property Management solution coupled with a Net Operating Income (NOI) Guarantee that underwrites the operating expenses of their properties and guarantees their performance over years. With a proprietary Claims and Property Management platform, the company has automated labor-intensive processes, financial transactions (AP/AR), accounting and digitized communications.
Powered by a machine-learning proprietary underwriting (patent pending) engine, Home365 predicts maintenance, repairs, and various resident-related events, while generating a fixed monthly Premium fee that guarantees the Net Operating Income (NOI) for a given asset.
Home365 also announced the acquisition of SlateHouse Property Management and Realty, a scatter-site property management company in the U.S. Chad Gallagher, co-founder of SlateHouse, will be now assuming the role of Chief Investment and Growth Officer within Home365. Nate Jones, co-founder and SlateHouse CEO, will be assuming the role of a Chief Operating Officer for Home365, focusing on supporting the company’s rapid scaling to over 100,000 units under management in the next few years.
Following the acquisition, Home365 now manages 7,000 units across six states with local offices in 14 major metro areas including Las Vegas, Atlanta, Baltimore, Philadelphia, Pittsburgh, Lancaster, Harrisburg, York, Reading, Scranton, Allentown, Trenton, and Hampton.
The properties Home365 manages are worth more than $1 billion.