Announcing Our $7 Million in Series A Funding: Accelerating Our Vision for the Ultimate Home Management Platform
Exciting news today! As Inman and The Columbus Business Journal reported today, MoveEasy has raised $7 million in Series A funding, led by Moderne Ventures with a strategic investment by The Travelers Companies, Inc.
When Niraj Patel and I first co-founded MoveEasy, our focus was to create the real estate industry’s leading concierge service to help homeowners with one of the most stressful times in their lives – the dreaded move. Since then we have evolved to become the ultimate platform and app for all things home.
While there are other personal finance apps out there that help manage subscriptions or save money, until now there hasn't been a way for people to manage their most valuable asset. MoveEasy’s platform and app provide clients with a holistic view of every decision that they make as homeowners – whether they are buying, selling, moving or managing their existing home.
Out of adversity comes opportunity
Real estate and other service industries have faced a gauntlet of challenges the past two years and it’s not getting any easier as we approach 2023, with rising interest rates. Client acquisition costs are at an all-time high, and there continues to be a loyalty gap – with just 12% of homeowners choosing to work with the same agent again.
But as Albert Einstein once said, “in the middle of difficulty, lies opportunity.” The most successful brands are those that continue to innovate during times of uncertainty and experiment with new offerings to improve the value they deliver customers.
That certainly has been true for MoveEasy and our partners such as Berkshire Hathaway HomeServices, Century 21, Howard Hanna, Douglas Elliman and RE/MAX. Since the beginning of 2020, MoveEasy has rapidly grown our customer base with more than 130,000 real estate agents and 1M homeowners now having access to our platform – leading to a 400% increase in revenue.
The adoption of MoveEasy’s white-label platform and app has helped our partners to achieve dramatic improvements in client engagement, loyalty and referrals, as well as revenue for ancillary services directly integrated through the platform.
Cutting costs in the current economic environment has become increasingly difficult for companies and consumers alike. In addition to saving each homeowner an average of $420 a year, MoveEasy helps partners achieve an 18-20% lift to their core ancillary services as well as revenue for ancillary services directly integrated through the platform while providing significant improvements in client engagement, loyalty and referrals.
Using MoveEasy’s 360 dashboard and app, homeowners can compare hundreds of service providers including home insurance, internet and cable, home protection, energy, utilities, solar, and home improvement. MoveEasy’s savings monitoring tool also automatically searches for the best prices, driving enhanced savings.
Clients can also apply for new loans or refinance through their brokerage’s mortgage partners, instantly check their home value, budget for home-related expenses, and see how every home update they make improves their home value and equity over time.
All this builds on what is perhaps MoveEasy’s most unique feature: every client is provided with a dedicated human concierge – available via phone, text or email to help with any moving or home management request while fully white-labeled for the brand across all platforms.
“In today’s shifting market, real estate firms have an imperative to embrace innovation and adopt new ways to deliver value to clients across their entire journey as homeowners,” said Constance Freedman, Founder and Managing Partner at Moderne Ventures. “MoveEasy is at the forefront of this change, delivering a best-in-class solution for home management that empowers brokerages and agents like never before. We are thrilled to lead this investment round and partner with MoveEasy as they continue to reshape the industry and provide homeowners with the tools they need to manage all things home.”
Accelerating into the curve
With our latest capital raise, we’re investing deeply in innovation and people that extend our leadership position in the real estate industry, while also empowering partners across mortgage, insurance, and other sectors to deliver more value to clients.
Our team, which has grown significantly to 78 people, has worked tirelessly to evolve our platform. Today MoveEasy combines the broadest spectrum of home-related services on one platform with an intuitive UI built to help clients plan and save money.
We’ve also introduced a number of new features – from the integration of new home services and tools to a complete 360 project planner that gives clients insights into how much a home improvement project will cost. This herculean effort by our team has led to a 97% customer satisfaction rating.
We’re so fortunate in our growing community of partners, homeowners and team, and delighted for the opportunity to continue growing MoveEasy.
We believe strongly that companies who personalize their client service across the entire lifetime of a homeowner journey will see outsized results – where client loyalty and referrals are the biggest driver of growth, rather than costly acquisition efforts.
Improving client engagement and loyalty starts with delivering value across every step in the homeowner journey. MoveEasy empowers partners to create a stronger loyalty connection for their brand, while providing clients with an intuitive UI offering the broadcast spectrum of home related services on one platform.
--Venkatesh Ganapathy, MoveEasy CEO & Co-founder