HonestDoor, an Edmonton, Alberta, Canada-based online resource for property valuations, raised CAD$2.2m in seed funding.
The round was led by Luge Capital, with participation from Bluesky Equities, Conconi Growth Partners, Panache Ventures, REACH Canada, SAF Group, Startup TNT, and Wheaton Group along with Inspiring entrepreneurs Sanders Lee, Ashif Mawji, and Blaine LaBonte.
The company intends to use the funds to scale its real estate platform to facilitate the on-demand delivery of automated valuation models (AVMs) on any property in Canada at a high level of accuracy and to test its model in select U.S. markets.
Founded in 2018 by Daniel Belostotsky, founder and CEO, HonestDoor leverages real estate data, machine learning, data science, and a team of data analysts to provide estimated property valuations on houses and condos. The company also aggregates property taxes, transaction data, permit data, and neighbourhood growth rates, among other insights, to provide a comprehensive resource for real estate information in Canada. Using it, realtors and existing/potential homeowners can make more informed decisions based on trends, predictive metrics related to the rental market or resale shifts in neighbourhood valuations, permits requested for a property they are considering buying, home assessments, and more.
HonestDoor is currently the go-to real estate resource for those living in British Columbia, Alberta (where it also provides insights on commercial properties), and Manitoba.