Proptech startup Honestdoor raises $500,000 in first round of funding

honestdoor

Honestdoor, an Edmonton-based proptech startup that offers real estate data for brokers, consumers, and financial institutions, has raised $500,000 in its first round of funding.

The financing was raised from Panache Ventures, Bluesky Equities, Conconi Growth Partners, and investors Ashif Mawji, Sanders Lee, Blaine Labonte, and Greg Kwong. Honestdoor will be using the new funds to expand to new cities and scale both its product and its team.

“We believe that the future of real estate is complete transparency of data.
 

“With the support we’ve received from a top group of investors, we’re determined to accelerate our mission of empowering consumers,” said Dan Belostotsky, founder and CEO of HonestDoor. “We believe that the future of real estate is complete transparency of data along with tools and education to help consumers make the best decisions on their own.”

Honestdoor has been bootstrapped since launching last June. The startup’s offering is now operational in 19 cities in Alberta, and has been quietly piloting a mortgage system with brokers and banks. Belostotsky told BetaKit the startup raised the $500,000 in preparation for a large round in the future, “with an ambitious goal.”

The platform uses machine learning algorithms to calculate weekly values and statistics on properties, homes, condos, and empty land. The technology also predicts mortgage renewal dates and lender information, and is used by financial institutions and real estate professionals.

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Notably, Belostotsky is currently a venture partner at Panache Ventures, one of the investors in this round of funding. He joined the firm in 2018 to help establish a presence in Edmonton, and launched Honestdoor the following year.

Belostotsky also previously co-founded Belonett Media, which was acquired by Pattison Group, and is the founder of a boutique investment firm, Otto Capital, that focuses on tech and real estate startups.

During the COVID-19 pandemic, Honestdoor is offering free advertising space on its website to Alberta businesses that are affected by, or making a difference, during the pandemic.

Image source Honestdoor

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast