InspectHOA Announces $3.1mm Seed Round To Automate HOA Information for Title Cos., Lenders, and Investors
Led by SVQUAD, the funding will fuel the company's growth, allowing clients to streamline transactions by simplifying access to information about homeowners associations (HOAs)
02 Mar, 2022, 13:00 ET
SAN FRANCISCO, March 2, 2022 /PRNewswire/ -- InspectHOA, a company revolutionizing the homeowners association (HOA) component of real estate transactions, today announced a $3.1 million Seed funding round led by SVQUAD, with additional investment from Inventus Capital Partners, DevRev CEO and co-founder Dheeraj Pandey, and other prominent angel investors. This is the first outside investment in the company, which started operations in 2020.
Difficulty obtaining information about HOAs is the most inefficient part of the real estate closing process. Real estate transactions are routinely thrown off-track or delayed because of missing, late, or wrong HOA information.
InspectHOA's powerful mix of industry expertise and technology takes care of the entire HOA process, allowing title companies, lenders, and institutional investors to close on time and create happier outcomes for their clients. InspectHOA has the largest HOA database in the market and a tech-enabled process for obtaining new HOA information. The company facilitates thousands of transactions per month. Its clients include Better, EasyKnock, Endpoint, Homeward, Spruce, and others across the title, lender, and investor space.
The new capital comes at a pivotal time of growth for InspectHOA and will help fund new product development and hiring efforts to increase its market adoption and revenue. The company has experienced 10x revenue growth in 2021 and expects to quadruple its revenue in 2022.
HOAs were created to connect communities, but because they are often community-run and not tech-enabled, quickly gathering accurate and up-to-date information is incredibly hard to do," said Vishrut Malhotra, co-founder and CEO of InspectHOA. "We constantly hear from our clients that HOAs not only extend the transaction time but involve complexity, numerous follow-ups, and chasing of multiple parties. This creates risk and inefficiency — and ultimately can throw a transaction off track. We have the biggest HOA database in the industry, and we have a tech-enabled team that can quickly and efficiently chase down missing or new information."
"The effortless efficiency our technology delivers to customers makes them feel in control of the transaction's outcome; empowered by a job well done; relieved that they no longer have to carry the HOA burden; and appreciated because they are creating more happy outcomes for their customers," added Anton Tonev, co-founder of InspectHOA.
"Given the digital transformation happening across all verticals, InspectHOA is solving multiple critical problems in the very large HOA market. HOAs are one of the few areas of real estate transactions that still need to be automated and standardized. This is also a terrific beachhead market, opening billions of dollars of future monetization potential. InspectHOA has great traction with title companies, lenders, and investors, and we couldn't be more excited to be part of their journey." said BV Jagadeesh from SVQuad.
"InspectHOA has been an instrumental partner in mitigating risk and creating efficiencies in our acquisition process. They are the solution to a historical problem that title companies and other vendors also face in every transaction. They consistently provide accurate and prompt service, proactively communicate, resolve issues completely, and recommend relevant process efficiencies and automations to create additional efficiencies." says Scott Young, VP of Property Management at EasyKnock.
Additional angel investors include Rahul Chaudhary (Co-founder of Treebo Hotels), Tushar Garg (Co-founder and CEO of Flyhomes), Elvin Guri (Managing Partner and CEO of Empower Capital), Kanav Hasija (Co-founder of Innovaccer), Karan Kumar (Director Sales at Talend), Oktay Kurbanov (Partner at Climate Finance Partners), Nitin Malhotra (Board Member at IIT BHU), Hristo Manov (Chairman of the Board of Teach For Bulgaria), Plamen Monovski (Director at Ledger Capital).
InspectHOA was co-founded by Vishrut Malhotra (CEO), Anton Tonev (Head of Business Development), and Atin Hindocha (Head of Operations). Its mission is to ensure HOAs never get between a buyer and their dream home. InspectHOA works with clients like title and escrow companies, lenders, real estate lawyers, iBuyers, and other real estate investors. By handling the HOA-related part of the real estate transaction, the company helps transactions close faster, which means buyers can quickly move into their dream homes. The company plans to launch solutions for HOAs in the first half of 2022. The company has a presence in the US, Bulgaria, and India. To learn more, visit https://inspecthoa.com/.
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