Enkasa Announces Closing of $3M Seed Financing, Launches Real Estate Platform to Help People Buy and Remodel Their Dream Home
—The brokerage brings new tools and contractor expertise to help homebuyers and sellers plan and carry out remodels with confidence—
LAFAYETTE, Calif.–(BUSINESS WIRE)–Enkasa—a residential real estate platform that provides powerful new tools to help people remodel when buying a home—today announced its highly-anticipated public launch. Serving the Bay Area, Enkasa is a one-of-a-kind residential brokerage and technology platform that strategically pairs contractors as well as designers with agents to help homebuyers and owners plan improvements when buying or selling homes. Enkasa’s launch comes on the heels of its $3 million Seed raise, led by leading venture capital firms MetaProp and Greycroft.
The average age of American homes is now 43-years-old. With aging inventory and home prices at an all-time high, more and more people are purchasing homes they plan to remodel. Yet the problem before buying is it’s hard to know what can be done to a home, how much it will cost, and who will do the work. As a result, a majority of homebuyers struggle to get work done on time and on budget.
“We’ve created a platform for the millions of consumers who will need to buy, sell, and remodel their homes,” said Joanne Bradford, Enkasa CEO and co-founder who has held executive positions at numerous startups and tech companies, including Pinterest, SoFi, and PayPal. “We’re helping people see the potential in a house—before they buy or sell—by bringing together teams of highly-skilled agents, contractors, and designers.”
Enkasa is the first company to assemble an all-in-one technology platform and support team to help homebuyers find homes with potential, navigate the transaction, and work with contractors and designers to plan and complete improvements. Most people only call an agent late in the process; Enkasa puts tools in the hands of prospective buyers early in their planning process, so that they can use the tools while evaluating a potential purchase.
“If you’re not a contractor, it’s overwhelming to consider a remodel while purchasing a home at the same time,” said Jeff Stone, Chief Development Officer and co-founder of Enkasa and CEO of Diamond Construction, a luxury residential developer. “We help people spot red flags in disclosures, understand zoning and planning around a remodel, and manage subcontractors.”
Clients use Enkasa in place of a traditional real estate broker. Enkasa charges industry-standard agent commissions, so buyers and sellers don’t pay anything more than they would with other agents.
“Without Jeff and his team, we would not have been confident buying a home that needed improvements,” said Ann and Bennett Payne, early clients of the team. “Because we were prepared, this will be our dream home, not a money pit.”
Enkasa will initially serve the East Bay, with plans to expand further in California in the next year. The team has brokered, remodeled, or developed more than $200M in Bay Area homes in the past few years.
“We’re thrilled to be partnering with Enkasa,” said Zak Schwarzman, MetaProp General Partner, who is joining Enkasa’s Board of Directors. “They have a thoughtful vision addressing a real and practical need that a huge swath of the homeowner and buyer market struggles with. Backed by a team of experienced fintech, consumer tech, and real estate executives, Enkasa is in prime position to tackle an industry-wide problem long in need of a tech-based solution.”
Enkasa’s Seed round also included notable participation from Maveron, Correlation, and several angel investors, such as Marqeta founder and CEO Jason Gardner, and MoPub co-founder Nafis Jamal.
Along with Bradford and Stone, Enkasa was co-founded by Tram Nguyen, Chief Product Officer and a former Pinterest executive as well as Alan Donner, Chief Operating Officer and a former SoFi Marketing leader.
About Enkasa
Enkasa is a residential real estate tech platform that helps people remodel when buying or selling their home. Enkasa brings contractors and designers into the homebuying process to help people evaluate, buy, and improve their dream home. Enkasa has raised $3M Seed financing from MetaProp and Greycroft. Learn more at EnkasaHomes.com. CA DRE #02155340
About MetaProp
MetaProp is a New York-based venture capital firm focused on the real estate technology (“PropTech”) industry. Founded in 2015, MetaProp’s investment team has invested in 130+ technology companies across the real estate value chain. The firm manages multiple funds for both financial and strategic real estate investors that represent a pilot- and test-ready sandbox of 15+ billion square feet across every real estate asset type and global market. The firm’s investment activities are complemented by pioneering community leadership including the PropTech Place innovation hub, MetaProp Accelerator at Columbia University programs, global events NYC Real Estate Tech Week and Propel by MIPIM NYC, and publications Global PropTech Confidence Index and PropTech 101.
About Greycroft
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build transformative companies. The firm has deep experience in both consumer and enterprise technology, with a portfolio that spans the globe. Greycroft values building enduring relationships with founders and understands that they want more from investors than just capital. Greycroft has raised more than $2 billion in commitments and has over 200 active investments. The portfolio includes Acorns, Anine Bing, App Annie, Axios, Bird, BetterCloud, Braintree, Bright Health, Buddy Media, Bumble, Flutterwave, Goop, Happiest Baby, Huffington Post, Icertis, Lightricks, Maker Studios, Medly, Openpath, Scopely, SEMrush, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, and Yeahka. For more information visit greycroft.com.
Contacts
Alan Donner
[email protected]
925.238.3358
