TripleMint, a residential real estate brokerage formerly known as Suitey, has raised $4.5 million in a Series A round, its co-founder David Walker told The Real Deal.
DN Capital, a Menlo Park-based venture-capital firm which backed Purplebricks, a British online brokerage that went public, led the round, bringing TripleMint’s total funding haul to $7 million. Summit Action Fund and b-to-v Partners also participated.
Walker, who founded the firm with his former classmate Philip Lang in 2013, said the company will use the money to invest in its tech, data and analytics offerings and will be launching several new tech products both internally and for consumers.
TripleMint describes itself as a tech-driven brokerage. It has 50 agents based out of its Midtown office but Walker said over two-thirds of its deals last year were generated through the firm’s website. The company raised $1.65 million in seed funding in 2015 from Dominion Capital and Winklevoss Capital among others. Tom Falus, the former president of Cushman & Wakefield, is also a backer.
Walker declined to comment on exactly how much business the brokerage is doing, but said VC firms were more bullish on real estate tech than ever before.
“There’s been a jump in interest,” he said. “VC firms who didn’t even have real estate on their radar before are specifically looking at the real estate space and where the opportunity is. It’s kind of like a ticking time bomb where the VC community knows that at some point someone will break through.”
Its employees include former Keller Williams NYC CEO Eric Barron, who serves as chief revenue officer.
In August, TRD reported on how though there have been a number of real estate tech startups popping up that have received venture funding, there are very few examples of runaway success stories so far.