Ember, a Salt Lake City, UT-based real estate proptech company, raised $17.4M in funding.
The round was led by Peter Thiel with participation from Pando Ventures.
The company intends to use the funds to expand operations and its business reach.
Founded by CEO Kurt Avarell (Canopy, Milbank), CRO James Sukhan (Qualtrics, Podium), and CXO Jeff Lyman (Nike, Vivint), Ember is a real estate proptech company that is reimagining the vacation home experience through technology, service, and co-ownership. The company streamlines every step of the vacation home ownership process from purchase to planning each stay with the proprietary app and enhances the experience with a personal, in-market concierge who manages everything from services to maintenance of the home.
It is built on four core pillars:
(1) buying and/or building high-end, professionally designed vacation homes in destination locations;
(2) creating a property-specific LLC so that the home can be purchased in shares by co-owners at a fraction of the whole home price;
(3) streamlining vacation home ownership by stripping out the burdens of a second home and instead providing white-glove property management and a thoughtfully designed app that centers on the experience; and
(4) increasing vacation home accessibility to significantly more people.
The mobile app uses a proprietary scheduling algorithm to ensure that co-owners have equitable and fair opportunities to enjoy the property. The app and website allow buyers and owners to browse vacation properties for sale, view and pay expenses, and get one-touch access to their dedicated, in-market Ember Concierge.
Though Ember acquires existing properties, the company is focused on building homes designed for co-ownership. On average, Ember homes range between $1.5 and $5 million in total home price, with individual shares ranging from $100K to $500K. Homes frequently come with private amenities such as pools, hot tubs, entertainment spaces, plus value-added benefits like dedicated owner storage, professional interior design, and high-end appliances and finishes. Ember also handles maintenance and management of the home, so that homeowners get an elevated, worry-free second homeownership experience without the hassle of cleaning, maintenance, and repairs.
The company is expanding rapidly with a focus on 20 markets in 10 states with listings now in destinations like Bend, Oregon; St. George, Utah; Santa Fe, New Mexico; and more. Consumer financing will be available this year through the platform.
Prior investors included the former CEO and Founder of Vivint Smart Homes Todd Pedersen, former CEO of Progressive Leasing Ryan Woodley, and Founder and Chief Innovation Officer of Progressive Leasing Curt Doman.
FinSMEs
25/02/2022