Clever Raises $8 Million Series B
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- Published on December 3, 2021
- In News
On the heels of a record year as Clever reached $4 billion in total real estate sold through its platform, pacing to sell over 6,000 homes in 2021. Clever grew annualized revenues 300%, achieving profitability in Q3 despite more than doubling its headcount to 75 since the start of the year.
Clever Real Estate, the leading online platform for consumers to find real estate agents and save on commission, announced today $8 million in Series B funding led by Cultivation Capital, along with strategic investment from The Mortgage Collaborative (TMC) Emerging Technology Fund. The funds will be used to expand Clever’s team and accelerate Clever’s expansion into the mortgage vertical.
Clever operates a portfolio of online content brands that reach over 11 million readers with expert real estate advice and education and the nation’s largest discount real estate agent matching service. Through its platforms and concierge service, Clever connects consumers in all 50 states with vetted real estate agents who offer just 1% listing fees.
“Clever’s model has helped consumers save over $80 million in fees, while helping over 12,000 top agents nationwide build their business,” said Ben Mizes, Clever’s co-founder and CEO. “We’ve proven that customers can choose both low fees and great service. And we’re the only company doing this nationwide, from the big cities to the suburbs to rural areas.”
In 2022, Clever will grow its team from 75 to 200 full-time employees, with much of the increase supporting the rapid growth of Clever’s new platform for mortgage lenders.
“We partnered with agents to give consumers the power to choose better rates and better service. Now, we’re doing the same thing for the mortgage industry,” said Luke Babich, Clever’s co-founder and COO. “Online lenders offer the best rates but lose out because they don’t have the tools to support a home buyer through their whole journey. Clever fills this gap: We enable lenders to build a cohesive real estate team for their borrowers with a top agent, concierge service, and cash back at closing.”
“The TMC Emerging Tech Fund invests in companies that will shift paradigms in the mortgage industry. We believe we found this type of company in Clever Real Estate.” said Owen Lee, limited partner of TMC’s Fund and co-owner of Success Mortgage Partners. “We’re excited to support their continued success both with our investment and as early adopters of their lender platform.”
This latest round brings Clever’s total funding raised to $13.5 million. Cultivation Capital, which led the Series B, also led Clever’s $3.5 million Series A in spring of 2019.
“The performance at Clever has been impressive,” said Cliff Holekamp, co-founder and managing director at Cultivation Capital and member of Clever’s Board of Directors. “Clever has over 1,300 customer reviews on TrustPilot.com with an average rating of 4.9 out of 5 stars. They have proven that they are able to rapidly scale their business while still maintaining the highest levels of service for their clients.”