Clever Real Estate nets $1 mln in Cultivation Capital-led round

St. Louis-based Clever Real Estate, a developer of a platform that connects home sellers with local real estate agents, has raised $1 million in funding. Cultivation Capital led the round.

PRESS RELEASE

Clever Real Estate, a startup that’s developed a platform to connect home sellers with local real estate agents, has closed a $1 million bridge funding found. St. Louis-based venture capital firm Cultivation Capital, through its Spirit of St. Louis Fund, led the financing round. Existing investors also participated, including Bill Schmidt, managing partner of Cultivation Capital; Pat Steinlage, managing partner of Pinpoint Holdings; and Bill Donius, the former CEO of Pulaski Bank. The bridge funding round follows a $500,000 seed round that Clever closed earlier this year.

“Almost all of Clever’s original investors participated in our current round,” Ben Mizes, CEO of Clever Real Estate, said in a statement. “These are the investors who understand the company’s position best, and their confidence speaks to what our team has been able to accomplish since last April.”

Clever’s platform connects sellers with local real estate agents to list the seller’s home for a flat fee of $3,000 or 1 percent for homes over $350,000. Clever said in a release that in the past six months it’s sold homes in all 50 states and grown its partner network to include more than 2,000 real estate agents.

The startup, which currently has 16 employees, plans to use its latest funding to hire for positions in sales, marketing and software development. The company is currently hiring for seven positions, Chief Strategy Officer Luke Babich said. Based out of downtown incubator T-REX, Clever has plans to move to a significantly larger office space in the Delmar Loop.

The company recently won $50,000 from Arch Grants and was a member of Capital Innovators’ fall 2017 accelerator class through which it received $50,000, mentorship and networking opportunities.