Plunk Raises Oversubscribed $6.5 Million Seed Round
Proptech startup helping homeowners grow their home’s value through renovation projects secures broad support from investors across residential real estate and tech
Plunk, the first mobile app using AI and machine-learning to help homeowners make smarter decisions to increase their home’s value, announced it has closed an oversubscribed $6.5 million in seed funding led by Seattle-based Unlock Ventures, with participation from institutional investors including Sony Innovation Fund, Plug and Play Ventures, Vectr Fintech Partners, and Second Century Ventures (the strategic investment arm of the National Association of Realtors). Founded by tech and real estate industry veterans David Bluhm and Brian Lent, Plunk plans to use the funding to release and iterate on its first-of-its-kind mobile app.
“Knowing what your home will be worth before you remodel will become the new normal,” commented Andy Liu, co-founding partner of Unlock Venture Partners. “We think every homeowner will appreciate the value that Plunk’s insights deliver.”
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With the Plunk app, a home buyer, homeowner or home seller can easily see what a home could be worth if renovated—called Plunk Value—as well as get other insights into their home’s upside potential.
“Our homes are our largest financial asset and we provide the trusted advice to get the most out of them,” said Lent. “From specific project recommendations with the best ROIs to the best way to finance their renovations.”
News of the capital raise follows the recent announcement that Plunk has been selected as one of eight companies for the 2021 Reach scale-up accelerator program by Second Century Ventures, fueling its plans to further develop and bring to market its next generation analytics to support residential real estate professionals.
“By empowering homeowners to more confidently invest in their homes, Plunk stands to significantly grow our $37 trillion residential real estate industry,” added Tarek Elessawi, principal of Plug and Play Ventures. “We are thrilled to be an early supporter.”
As part of its initial rollout, the Plunk app is currently available on iOS for the greater Seattle area.
“Plunk’s data-driven approach and creative use of AI make it easy for homeowners to make informed decisions when buying, renovating or selling their home,” said Gen Tsuchikawa, chief investment manager for Sony Innovation Fund (SIF) and CEO and chief investment officer for Innovation Growth Ventures (IGV). “By building a platform connecting homeowners, lenders and contractors, Plunk has the potential to bring a layer of trust and transparency to the real estate business.”
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