Transactly, a proptech that offers remote transaction coordination services across the country, announced in a press release that it has raised nearly $3 million in bridge funding. The funding is in preparation for raising a Series A round of capital by Q3 2021.
Notable and strategic investors this round include Second Century Ventures, the venture capital arm of the National Association of Realtors, and Ferry Ventures, the venture fund owned by real estate coach Tom Ferry.
The St. Louis-based company announced a Series A round of $3 million a year ago.
Transactly has grown by 700 percent from 2019 to 2020, according to CEO Bryan Bowles.
“We’re on track and expect to have the same amount of growth again in 2021,” Bowles said in the release. “This is much-needed capital to support the kind of growth we’re experiencing.”
Bowles said in the release that the company has grown by an average of 25 percent per month for the past year.
Transactly’s software can be used at no charge by brokerage, but fees are charged for use of the transaction coordinator team, which costs $125-$350 per completed transaction.
Change in the way transactions are handled continues to roll out across the industry as banks and brokerages experience exceptionally high market activity.
Technological change was ignited by the ongoing pandemic, but is now being catalyzed by a fast-moving market that appears to show no signs of relaxing.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.
