The launch in Indiana, which sells video software to homeowners, has just raised $ 22 million in growth capital to keep pace with unprecedented demand for its goods.
Realync said funding from Susquehanna Growth Equity comes at a time when post-pandemic property owners and managers are using video tours. Realync’s business has grown by 400 percent since March.
“In three months, we have moved from 300 properties using our technology to 1,200,” said CEO Matt Weirich. “We are pushing 1,500 properties on the platform without any signs of stopping.”
Founded in 2013, Realync is the spiritual child of Weirich and Ani Rangarajanwho met when they were consultants for Accenture. Weirich said he drew on personal experience: After graduating from Purdue University, he traveled to Chicago for six consecutive weekends in 2011 and inspected 40 apartments before finding housing there.
Weirich and Rangarajan completed their work in 2013 and launched Realync with an initial investment of $ 330,000 from friends and family. They raised $ 1.1 million seed round in 2016.
“We made the money go a long way,” said Weirich, who said the company had recurring annual revenues of $ 4.5 million and was profitable, a rarity in the world of startups.
On the Realync platform, clients use their smartphones to record video tours and instantly send personalized clips to potential tenants or buyers. (They can also do live video tours.) Realync charges owners, administrators, and developers of multiple families a single monthly fee for using their video software, which includes analytics and monitoring. Customers have unlimited use and cloud storage, Weirich said.
Realync has 120 corporate clients, including Greystar. He claims to have 430,000 units on his platform.
Weirich said Realync continued to grow until March 2020, when Covid sparked explosive demand.
Within a few months, Realync had grown from a team of six to 28 full-time employees. She also sought external funding.
Over the last 14 years, Susquehanna, a private equity and venture capital firm, has invested in 55 companies in the growth phase, including Real capital analysis and Credit Karma. Susquehanna’s Josh Elser said in a statement that Realync was leading the video “revolution” as the industry adapted to virtual performances. (Aaron Flack of Elser and Susequehanna joins Realync.)
Since the beginning of the pandemic, Zillow Group has introduced a free application for agents to create 3D tours. Compass introduced a similar tool for agents. Matterport received $ 155 million from investors to produce virtual 3-D tours.
Weirich said Realync’s biggest competitors are leasing agents who download their iPhones to FaceTime with clients. But FaceTime has its limits, he said, including the inability to track metrics.
“With so much attention.” virtual leasing“We are not forgotten and we kind of expect a more competitive environment,” he said. “It is also a major driver of this partnership, building a war coffin that will continue to grow and expand.”