Montréal-based real estate technology company NestReady has raised a new, undisclosed financing that brings its total funding so far to $5.7 million. Investors in the latest round include National Bank of Canada and Peter Aceto, former CEO of Tangerine (ING Direct). The company has previously been backed by TechStars, 500 Startups, BDC Capital, 7Seas Partners, Stage1Ventures, NXT Ventures and angel investors. Founded in 2012, NestReady’s platform streamlines the home-buying process to include everything from home search and property visits to selecting agents and financing. The funds raised will be used to advance artificial intelligence capabilities.
Real Estate Tech Company NestReady Raises $5.7 Million for AI Development
Former co-founder & COO of Placester to join leadership team
MONTREAL, June 4, 2018: NestReady, a real estate technology company that partners with mortgage lenders to offer a seamless homebuying experience, announced this morning the closing of a strategic round that brings the total capital raised to $5.7 million. Among investors include National Bank of Canada and former CEO of Tangerine and ING Direct, Peter Aceto. The company also announced the appointment of industry veteran Frederick Townes as co-founder and CTO. Frederick was previously the technical co-founder of Mashable, and co-founder and COO of Placester, the largest real estate technology company in the US, for which he raised $100 million.
“NestReady is leading the shift in the fintech industry occurring around mortgage lending and real estate,” said Frederick Townes. “Our technology bridges the gap lenders face in adding value and gaining insights into the processes and experiences of today’s digital homebuyer. I am thrilled to be joining the NestReady team contribute to the momentum we’re building.”
As we see innovative mortgage lenders like QuickenLoans and LoanDepot making significant investments in the integration of mortgage and real estate, lenders are being forced to adapt for fear of falling behind. With plug-and-play solutions, NestReady makes it possible for lenders to offer a convenient and fully integrated homebuying experience for their clients, while they increase loyalty and conversions.
The funds raised in this round will be used to further develop the company’s AI capabilities, including predictive analytics and machine learning models to enhance the homebuying process. NestReady will also continue the expansion of its operations, partnering with major players in the North American market in the upcoming months. Since its recent launch, NestReady went live with over 10 clients in Canada and the US, helping them to better engage with their customers and to increase conversions.
“In NestReady we have found a partner who is able to bring a powerful online home search capability to our customers,” said Clint Morgan, Senior VP and Chief Lending Officer of Ruoff Home Mortgage. “We have been thrilled with the NestReady support team and the ability to adapt their system to the specific needs of Ruoff Home Mortgage.”
Investors in previous rounds include TechStars, 500 Startups, BDC Capital, 7Seas Partners, Stage1Ventures, NXT Ventures and over 15 strategic angel investors. “This additional capital will propel us forward in making significant and exciting additions to our product that we look forward to revealing in the coming months,” said Mauro Repacci, CEO at NestReady.
NestReady streamlines the homebuying process by merging real estate and mortgage lending to offer one seamless digital experience. NestReady solutions enable lenders to support every single step of their client’s homebuying journey and build a collaborative environment where buyers, real estate agents, and financial institutions win by working closely together.
Public Relations at NestReady