Simply Homes, a Portland, Maine-based provider of an automated Single Family Rental (SFR) sourcing and underwriting platform, raised $22M in funding.
The round was led by Gutter Capital and Watchung Capital, with participation from Village Global, Ambush Capital, RavenOne Ventures, Neil Parikh, Gabe Flateman, Luke Sherwin, and others.
The company intends to use the funds to expand operations and real estate acquisitions.
Led by Founder and CEO Brian Bagdasarian and CFO Robert Kavanagh, Simply Homes provides an automated SFR sourcing and underwriting platform addressing the affordable housing crisis by mobilizing stagnant housing stock. It leverages its proprietary ML and AI-powered platform to identify, value, and acquire stagnant housing stock and make them available for families eligible for HUD’s Housing Choice Voucher program.
After purchasing its first house in January of this year, Simply Homes closed on its 50th home in early November, and will have close to 100 units in its portfolio by year end. Already active in Pittsburgh and Cleveland, the company is expanding into additional markets across the midwest in 2024, driving social and economic mobility in those areas by increasing the ability for those families most in need to achieve housing stability. Simply Homes is currently developing a series of AI-powered virtual analysts that rapidly interpret massive amounts of data that the company aggregates and leverages to make its acquisitions.
FinSMEs
10/12/2023