Knock, an online home-selling platform, has raised $32.5 million in Series A funding. RRE Ventures led the round with participation from other investors that included Redpoint, Greycroft, Correlation Ventures, Great Oaks Venture Capital, FJ Labs and Corazon.
ATLANTA (Jan 31, 2017) Focused on making home selling simple and certain, Knock announces the launch of its online real estate selling platform. Led by founding team members of Trulia, Sean Black and Jamie Glenn, along with Chief Architect Karan Sakhuja, the company is eliminating market unpredictability by combining technology, local market expertise and a 200-point inspection to competitively price and sell homes in six weeks or less – guaranteed. Led by RRE Ventures, Knock’s Series A round of $32.5 million also includes investors and advisors from Redpoint, Greycroft, Correlation Ventures, Great Oaks Venture Capital and FJ Labs.
“From our experience working in online real estate at Trulia and Yahoo, we recognized the need to utilize technology to streamline the home selling process. We sought funding and advisors from business leaders who successfully transformed industries at iconic, multi-billion dollar companies like Netflix, TiVo, Trulia and Houzz,” says Sean Black, co-founder and CEO of Knock. “Together, we’re fundamentally changing the face of home selling by utilizing data science to price homes accurately, technology to sell them quickly and a dedicated team of professionals to guide homeowners through the selling process.”
Despite the proliferation of new marketplace businesses, one space has been left behind,” says Raju Rishi, General Partner at RRE Ventures. “Until now, there has been no true tech-enabled marketplace for residential real estate. We believe that this market is finally ripe for disruption, and there exists no better team to execute against Knock’s vision than founding team members of Trulia.”
Rolling out across Metro Atlanta as its launch market with plans to expand nationally in the coming months, Knock is fundamentally changing the real estate industry by leveraging technology to sell homes in six weeks or less, guaranteed. This is made possible through the company’s use of data, including a home pricing algorithm, neighborhood analysis and its proprietary 200-point on-site inspection to ensure homes are priced right the first time. In addition, it offers a Knock Home Certification and an extended warranty, to further increase the home’s value while delivering a painless home selling experience to homeowners.
Unlike old school and new online home flippers that take 15 to 35 percent of the sale price, Knock is the only online home selling platform that provides homeowners a guaranteed way to sell their home at market price in six weeks for the same six percent as a traditional listing. Knock provides homeowners additional pricing assurance via a rebate offer. If the company purchases a home and sells it at a higher price within 45 days, it will rebate 90 percent of the difference back to the homeowner. Finally, by bringing the process entirely online, from paperwork to scheduling repairs and showings, Knock empowers sellers to manage it from any device, anywhere.
“We strongly believe that homeowners should not have to give up a significant percent of their home’s equity and their personal time to ensure a quick and painless move. Our platform is available for the same fee as one would pay a traditional real estate agent, with the added benefit of total transparency and a sales guarantee,” shares Jamie Glenn, co-founder and COO of Knock.
With solid startup experience and industry insights, Knock’s founders bring proven success to the company’s foundation. Leveraging proficiency in technology, data science, and real estate, Black, Glenn and Karan Sakhuja have married these three elements to modernize the home selling industry and offer homeowners the first online platform that is backed by a six-week sales guarantee. “The leadership team behind the companies we back is a major consideration factor when making a deal. Having three founders who have accomplished as much as Knock’s, including building a brand and successfully exiting, held significant weight during our decision process,” shares Rishi.
Knock is an online home selling platform that provides homeowners a guaranteed way to sell their home in six weeks or less without risk, stress and uncertainty. Launched by founding team members from Trulia.com, the company uses data science to price homes accurately, technology to sell homes quickly and a dedicated team of professionals to guide homeowners through the selling process. Knock ensures a simple and certain process by guaranteeing the sale of its listed homes or it will purchase the home at full market value. For more information, visit us at knock.co, like us on Facebook or follow us on Twitter.
About RRE Ventures
RRE Ventures is a New York-based venture capital firm that makes early stage investments, including seed. In its 23 year history, RRE has backed companies such as 8i, Bark & Co, Business Insider, Buzzfeed, Clearpath Robotics, Concur, Giphy, Makerbot, Managed by Q, Proofpoint, Spaceflight, theSkimm, Venmo, Vine and Wisdom Tree. RRE has raised seven funds with total capital commitments in excess of $1.5 billion. RRE Ventures invests nationally across all sectors, with a current focus on Enterprise Software, Financial Services, Media, Robotics, VR/AR, Space & Satellites, AI/ML, Real Estate Technology, and Healthcare IT. www.rre.com