TripleMint with $1.65M Seed Funding
NEW YORK, NY, TripleMint, formerly known as Suitey, has raised $1.65M in seed funding.
TripleMint (www.TripleMint.com), formerly known as Suitey, today announces the company has raised $1.65M in seed funding to simplify the process of home buying, selling and renting in New York City by combining technology with trustworthy brokers. A true end-to-end service, TripleMint enables users to start their home search online, manage the process of buying, selling, or renting all the way through to moving in with TripleMint's Concierge Moving Service.
Investors participating in the latest funding round include Dominion Capital, Winklevoss Capital, Entrepreneurs Roundtable Accelerator (ERA), Kima Ventures, Archangel Ventures, super-angel Fabrice Grinda, Tom Falus (former president of Cushman & Wakefield) and Mike Albanese (publisher of the NY Observer), amongst others.
TripleMint will use the new funding to expand its service to more boroughs in New York City on the road to other major urban markets. The company will be focusing on its seller tools, an online platform for sellers to give clients a more transparent sale process and increase online property exposure. As part of the expansion, TripleMint is growing its real estate and engineering teams.
The technology-enabled real estate brokerage first launched in 2011 as Suitey. Co-founders David Walker and Philip Lang started the technology company by first working as real estate agents, helping clients to buy, sell and rent apartments. After experiencing a need for transparency and better service in the market, they built a technology platform and hired in-house agents to best serve the needs of their technophile clients.
Key to TripleMint's unique approach is its team of real estate agents who are employees of the company with benefits, as opposed to the independent contractor model of traditional firms. TripleMint's real estate agents leverage the Company's proprietary technology and marketing platform to generate clients, allowing them to spend more time helping clients find homes and less time prospecting for new business.
Benefits for Buyers and Renters
TripleMint's website brings unprecedented transparency to buyers and renters by allowing them to search real-time property information in the internal broker databases (RLS in NYC) and schedule appointments online. To align the incentives of agents and buyers, part of a TripleMint agent's compensation is based on client satisfaction. The Company reported a 97% NPS in the first quarter of 2015.
To help clients settle into their new homes, TripleMint has developed a Concierge Moving Service with a curated collection of discounts for local service providers in their neighborhood. The average client saves $300 on movers, cable, gym and more through the Concierge Moving Service.
Benefits for Sellers
Sellers have access to an experienced full-service real estate agent and an online platform using targeted marketing to get their property in front of the right potential buyers. Ninety percent of people use the Internet for their home search and in 2013, 43% of people found the home they wound up buying online according to a recent survey. As online eclipses brokers as the #1 information source for buyers, TripleMint is positioned to help sellers best sell their properties according to the needs of today's buyer.
Rebuilding Together NYC Partnership
TripleMint is also announcing a partnership with Rebuilding Together NYC, a non-profit housing organization that rehabilitates homes and revitalizes communities in need. TripleMint donates a portion of the proceeds from each transaction to help low-income families stay in their homes across New York City.
'Over 600,000 home hunters searched for apartments on our platform last year, giving us greater insight into what buyers are looking for and the ability to target the right buyers for each property we represent,' said David Walker, co-founder and CEO of TripleMint. 'We're thrilled to be working with this incredible group of investors including Dominion Capital and Winklevoss Capital to expand our efforts of building the best technology-driven brokerage and marketing teams to simplify the home buying, selling and renting experience from search to move-in.'
'In New York City alone, people pay a staggering $2 billion annually in broker fees. Despite these exorbitant fees, most people are dissatisfied with their experience. As homeowners in New York, Tyler and I can both attest to this. TripleMint set out to fix this by focusing on improving customer experience; unsurprisingly, it worked. From 2013 to 2014, TripleMint grew its revenue 500% and that's only the beginning. We see a massive opportunity in the future for the team and the technology to expand nationally and grow even faster,' said Cameron Winklevoss, Principal at Winklevoss Capital.
'TripleMint solves some of the biggest problems facing the real estate industry today: the issue of misaligned incentives and time inefficiency when buying or selling a home. TripleMint's technology and dedicated brokers give clients much-needed insight into the market along with online tools to make the process more efficient,' said Mikhail Gurevich, Managing Partner of Dominion Capital LLC.
TripleMint, previously known as Suitey, is the first technology-driven real estate brokerage to manage the process of buying, selling and renting from online search to move-in. With up-to-the-minute listing data, buyers and sellers can leverage TripleMint's online tools to make smarter decisions about buying, selling and renting in New York City. By combining their proprietary technology and marketing platform with full-service real estate agents, TripleMint ensures clients' needs come before commissions. For more information visit www.TripleMint.com or follow us @TripleMintNYC.
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