A new real estate tech startup is seeking to bring a fully digital transaction to the world of newly constructed homes. Welcome, which was founded by the team behind DigitalOcean — a unicorn cloud infrastructure provider — announced its launch and $5.35 million in seed funding Tuesday.
The company offers a fully digital platform on which consumers can build a home from the groundbreaking stage, selecting their preferences the entire way, from the plot of land to the moldings and counter finishes. The company also boasts a more expedient construction process, claiming to deliver its home within six months, compared to the eight to 12 months it typically takes to complete.
“People are desperately seeking new homes, but there hasn’t been a solution in the market that puts this within reach, so they’re settling for existing inventory on the market,” Alec Hartman, the CEO and founder of Welcome, said in a statement. “We believe we can dramatically change new home purchasing — customers can get a turnkey, newly built home with us for nearly the same price of the existing home next door, and they can do this all online.”
The seed financing round is led by Global Founders Capital. The first Welcome homes are available for purchase in the Tri-State area outside New York City, which has been the subject of plenty of trend pieces about mass migration.
The company plans to use the capital from its seed round to expand outside the current markets of Westchester County, New York; Greenwich, Connecticut; and Morris and Bergen Counties in New Jersey. It also plans to use the capital to bolster product, sales and marketing initiatives.
The startup comes at a time when there’s historically low inventory in the country, leading to high competition as home sales hit record numbers due in part to lagging home construction.
