16 April 2020
Transactly Raises $3M to Meet the Demand for Tech-Enabled Real Estate Transaction Services
By: St. Louis Post Dispatch
Written By: Guest516
St. Louis, MO - Transactly, Inc., a technology platform used by real estate agents, brokerages, and investors across the United States to coordinate real estate transactions, closed on a $3M Series A funding round, bringing the 2 year old startup’s total funding to $4.7M.
Hermann Companies, a St. Louis family office with ties to the midwest venture capital and startup community, led and filled the round. Rick Holton Jr. will be joining Transactly’s Board of Directors.
Transactly’s platform is powered by automated technology used by transaction coordinators, who coordinate the many tasks and moving parts that real estate professionals are responsible for during a real estate transaction.
The demand for its tech-enabled transaction coordinator services skyrocketed in 2019, and with the recent and unexpected turn towards tech-enabled platforms, Transactly anticipates an even greater demand for its vaunted, measured, over-performing coordination services.
Transactly’s Founder and CEO Bryan Bowles remarked on the timing of his capital raise during the COVID-19 outbreak, 'While we're concerned about the effects COVID-19 will have on our industry, we’re not seeing a slowdown in the number of brokers signing up. In fact, we're seeing new opportunities arise for Transactly, as many brokerages are already opting to outsource transaction support to us, rather than commit to dedicated salaries as the crisis unfolds.'
Transactly’s technology and tech-enabled services are popular with individual real estate agents and teams. Bowles notes that most of the accounts can be attributed to entire offices and companies that manage their transactions on Transactly. From large real estate brokerage offices, to franchises, and even institutional real estate investors, Transactly provides a solution that holds transaction coordinators, once a fixed expense and often salary, accountable to the successful closing of a transaction. Transactly focuses on reducing human error. Bowles emphasizes that the technology platform, for which the company does not charge, does just that. 'Of course brokerages can use the technology at no cost. We drive the most value by having the best-trained, agent-friendly, efficient coordinators available to brokerages who do not want to manage extra staff.'
When asked what this funding round meant to Transactly, Bowles responded, 'This funding is huge for us. Our revenue has been doubling quarterly. This will allow us to expand our services at a more rapid rate and invest in becoming even more efficient, which ensures our clients have error-free closings.' Transactly declined to give sales figures. Bowles touted Transactly’s more than 2000 users across the United States, with transaction coordinators located in 22 states and growing.
Real estate professionals can use the Transactly platform for free. Transaction coordinator services through Transactly including performance monitoring are priced between $125 and $350 per completed transaction.