CALGARY, Alberta, June 06, 2024 (GLOBE NEWSWIRE) -- ResVR, a fast-growing property technology (proptech) startup that enables homebuilders and developers to sell more upgrades through a visualization platform, announced a series of financings that closed a total of $1.7M CAD in aggregate. This includes $1.43M in pre-seed and seed funding and $270,000 in non-dilutive capital.
The funding was led by Inverted Ventures and Weave VC, with participation from Bluesky Equity, InRoad Ventures, ThresholdImpact, Startup TNT, and a Canadian-based group of angels, including Improbable Games CEO Aaryn Flynn. Alberta Innovates ($170,000) and NRC-IRAP ($100,000) provided the non-dilutive capital.
Founded in 2023, ResVR is an emerging North American market leader in 3D visualization proptech. It specializes in working with production homebuilders to showcase their designs and plans. This helps homebuyers feel confident in their home purchase and the options and upgrades they can select.
“In 2024, it is crazy that people are making the biggest purchase of their lives and have to imagine what it will look like off blacklines or blueprints. This is the problem ResVR solves,” said ResVR founder and CEO Nathan Nasseri. Nasseri, whose family has built over 17,000 homes in Alberta, also successfully exited as the CEO and founder of REIN: Real Estate Innovation in 2019.
According to data from home buyer surveys, the need for homebuilding sales visualization software is significant. 87% of new home buyers would make changes to their homes with better visualizations. However, 73% were not provided sufficient information to move forward confidently, and only 65% felt the floorplan selected matched what they received.
“ResVR empowers builders and buyers, which leads to happier customers who are more satisfied with their decisions because they were able to visualize them and make more thoughtful choices,” said Nasseri.
Commenting on his firm’s participation in the equity funding round, Craig D'Cruze, COO of Inverted Ventures, said: “Inverted Ventures invested in ResVR because it represents an innovative change that will create a paradigm shift in the legacy homebuilding industry. ResVR offers a service that digitizes and optimizes the sales upgrade process for homebuilders in ways previously unattainable. With his deep-rooted experience in homebuilding and his instrumental role in developing this technology since 2015, Nathan brings unique insights, capabilities, and a founder-market fit that will be crucial to this company's success.”
"I am thrilled to be supporting Nathan in his newest endeavor, ResVR, which uses the latest technology to revolutionize home buying on both sides of the sale sheet,” added angel investor Aaron Flynn, CEO of Edmonton’s Inflexion Games. “As part of that revolution, Nathan is bringing enormous drive and strong experience to ResVR as he and the team help homebuilders make buyer's dreams come true with more confidence and understanding than ever possible."
Flynn was also the sole investor in Nasseri’s previous company, Real Estate Innovation (REINVR), which was acquired in 2019.
“As a homeowner who has recently gone through the process of building, ResVR would have dramatically changed and improved our customer experience,” noted Marco Donadeo, a partner with Weave VC. “Nathan and the ResVR team illustrate Albertan founders' strength and have quickly grown their business. The Weave team is excited to be a part of ResVR’s journey and have absolute confidence in their future success, disruption, and value to the homebuilding industry.”
On May 31st, ResVR won the prestigious pitch competition at the 2024 Inventures Technology Conference in Calgary, Alberta, Canada. Over 1,000 startups applied, narrowed to 30 finalists, and ResVR was among the six winners.
In addition to scaling its operations and expanding its customer base, ResVR has validated its product roadmap through a slate of programs to support its growth. The startup has completed Alberta Catalyzer, 500 Global, Plug and Play, and recently graduated from Creative Destruction Lab over the past 12 months. Later this year, ResVR will unveil follow-up products for designing home exteriors and showcasing new communities for land developers. "This is the beginning of something massive,” added Nasseri. “The homebuilding industry is overdue for a shift towards digital transformation, and ResVR is here to make that happen.”
About ResVRResVR develops software for home builders that showcases all the options and upgrades for each floor plan, allowing buyers to fall in love with their dream home before it's built. Their team is located in Canada, Europe, Asia, and Brazil, allowing them to work around the clock to develop projects rapidly and support their clients.
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