Proptech startup from Sydney, reducehas secured A$3.75 million in seed capital.
The round was led by Correlation Australia Holdings (CAH), backed by existing shareholders including family offices and high net worth individuals.
It brings the total raised to date to $6.1 million.
Downsizer is an award-winning start-up that provides digital solutions to the finance, real estate and insurance industries to help people transition into a new home and improve their lifestyle and finances.
The new money will be used to accelerate the growth of the company’s SaaS platform, which operates at the intersection of fintech, proptech and insurtech.
Are Deposit power Downsizer Bond allows people to use the equity in their home to cover a security deposit and secure a new property without making a cash deposit.
The Downsizer Bond simplifies the home transition process for older owner-occupiers who may fail a traditional credit assessment. They can get their hands on a new home without selling their current home, plundering their savings or retirement.
The bond is also available to investors including Self-Managed Superannuation Funds (SMSFs).
The application process is simple, online and automated, with the technology underlying the platform evaluating credit risks such as the value of your home and age group.
Downsizer co-founder and CEO Mark Macduffie said a major appeal to downsizers lies in reducing home maintenance and chores, increasing luxury and convenience, and freeing up equity to meet retirement income. filling, but at the same time funding a cash deposit is a major barrier.
“Our mission is to help downsizers achieve their desired home transition so they can stop worrying and start living! We are pleased to welcome Correlation and Lombard as investors and business partners. Culturally and commercially it’s a great fit,” he said.
The proptech’s technology helps real estate developers, real estate agents, financial advisors, mortgage brokers, lenders, insurance brokers and insurers connect with baby boomers and Gen Xers aged 50+.
The platform offers digital content and market insights and also has a national real estate marketplace where developers can list off-the-plan properties and access a real-time sales dashboard.