Startup Company Avenue 8 Secures $14 Million for Mobile-First Real Estate Brokerage

By James White Tuesday, May 4, 2021

With the US housing industry witnessing rising prices as homes are rapidly bought, the proptech industry is well-positioned to take advantage of the current seller’s market. Investors are searching for the newest, up-and-coming startup company in the industry, as entrepreneurs develop new ways for buyers, sellers, and agents to move properties quickly and conveniently. Proptech startup business Avenue 8 recently closed a $14 million Series A funding round for its company and mobile brokerage app.

“We’ve experienced extraordinary demand since we first introduced Avenue 8 to the market, which has only intensified our commitment to developing a new way forward in real estate,” said Michael Martin, co-founder of the startup proptech company. “This is a significant investment that effectively capitalizes the business for breakout growth at an opportune time in a strong housing market.”

Funding for the proptech business was co-led by California-based investment firms Threshold Ventures and Craft Ventures. Existing investors in the proptech startup company, Zigg Capital and Good Friends, also backed the business in the Series A round. Last year, Craft Ventures led a $4 million seed round for Avenue 8. After the closing of the latest financing round, Jeff Fluhr, General Partner at Craft Ventures, will be joining the board of directors at the startup proptech company.

The latest round of support for Avenue 8 will help the proptech startup grow, develop its app platform, and expand into new markets in New York City and Miami.

Real estate technology concept.

Mobile-First Real Estate Brokerage

Co-founded in 2020 by Martin and entrepreneur Justin Fichelson, Avenue 8 brings real estate agents a suite of industry tools in a convenient mobile app platform. Through the use of its mobile app and digital platform, the startup company aims to help agents easily manage clients and campaigns while keeping more of the money they earn from sales.

The Avenue 8 app allows real estate agents to set up marketing campaigns and promotions within the platform. Agents simply set the amount they want to spend on the campaign and access the necessary materials from the app. Additionally, Avenue 8 users can quickly sort through their listings and clients on the app through one consolidated dashboard. All the tools provided by the app are included with a membership subscription, and the company charges a fixed fee for each transaction.

“Avenue 8 has validated strong demand with the current and next generation of realtors and consumers,” said Chirag Chotalia, Partner at Threshold Ventures. “Justin and Michael are founders with the innate ability to recruit next-level operators, enabling the company to gain traction and capitalize on the clear market gap between a high-value brand experience and an agent-aligned business model.”

Breaking Into the Proptech Business

Avenue 8 is tapping into a growing market. According to a report from global investment bank GCA, the US proptech industry raised roughly $7.3 billion in equity and debt financing in 2020. Investors are showing significant support for proptech businesses like Avenue 8. Proptech startup, a potential rival to the startup company, has raised over $33 million from investors so far.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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