Legal Name: Abode Technologies, Inc.
Location: Chicago, IL
Industry – Global Proptech Market
Size: Between 2008 and 2018) proptech companies have raised a total of $18B in funding globally (Source: Statista)
Projections: In 2019, $4B of funding is projected in US proptech companies alone (Source: CB Insights)
Abode is a platform that helps home buyers and sellers find every service or tool they need on one single platform. By leveraging technology and data, Abode connects all stakeholders of this industry and provides them an easy to use platform to connect and collaborate with each other.
Abode is a platform that has simplified the otherwise complex process of buying and selling homes. For homeowners looking to buy a home, Abode provides step-by-step guidance from start to end. From finding the right real estate agent to moving services, the company has broken the process into a clear chronology of steps and partnered with a wide network of partners and tools to guide the customer through each of these steps. For example, Abode guides home buyers to mortgage services, attorneys, and a curated list of expert investors which they need at different stages of their buying journey.
Existing homeowners can sell their home using the platform through two methods – by using an Abode agent or by leveraging Abode’s technology-enabled home selling services themselves. For those using just Abode services, the company has a flat fee model as opposed to the traditional commission based one. Under this model, the platform provides a multitude of services like MLS (listing on multiple websites), photography services, house valuation guides and advice, and access to data and tools that enable homeowners to make better decisions.
Abode also claims to reduce the selling time by half. For homeowners who choose to go through the process via an agent, the platform charges the agent a commission fee and makes the service free for the homeowners.
Origin & Founding Team
Abode has been co-founded by two serial entrepreneurs, Kyle Stoner and Carson Junginger both of whom have extensive experience in building tech-first companies across domains.
An alumnus of Columbia Business School, Kyle also has experience in investment banking and strategic roles with companies like JP Morgan and Robert W. Baird & Company. Carson, who adds his tech expertise to the team, has over 10 years of experience in software and product development. He has led multiple high-performing engineering teams for various venture-backed startups like Perkspot, Productive Edge & Sports Lock. After Pangea payments and Alpha lead, Abode is Kyle and Carson’s 3rd venture together.
While they were working on Alpha Lead, both Kyle and Carson started buying real estate and felt the problems and loopholes of the process first hand. The duo discovered that a lot had been fixed in the home search space, but the buying of homes was still a very broken process known only to a select few. Thus, Abode was established by the duo to build the tools and information systems that would simplify the home-buying process for everyone.
Performance & Trends
In August 2017, Abode was selected for the Chicago cohort of Techstars Accelerator just on the basis of their idea, and by Oct 2017, they had not only the product ready but also significant traction. The company raised a total of $100K in funding that year.
It facilitated over $1B worth of home sales between 2017 and 2018. Abode has also acquired USRealty, a national online real estate brokerage platform that has further helped them strengthen their home-selling platform and services.
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