Proptech App Startup Company Plunk Secures $6.5 Million in Oversubscribed Seed

By James White Thursday, May 13, 2021

For some homeowners, the first house will not be their last. Purchasing a starter home and making improvements to increase the value of the property will help them finance their next house further down the line. However, determining which improvement will maximize the value of the property later can be a tricky business. In an effort to help homeowners plan and execute key renovations for their houses, proptech startup company Plunk has developed a mobile app platform capable of assessing the value of renovations. The proptech startup business recently landed $6.5 million from investors in an oversubscribed seed financing round for the app company.

A couple looking at their laptop during home renovations.

“Our homes are our largest financial asset and we provide the trusted advice to get the most out of them,” said Brian Lent, co-founder of the proptech startup company. “From specific project recommendations with the best ROIs to the best way to finance their renovations.”

Funding for Plunk in the oversubscribed round was led by Unlock Ventures, a Seattle-based venture capital firm focused on seed-stage technology entrepreneurs. Additional investors, including Sony Innovation Fund, Plug and Play Ventures, Vectr Fintech Partners, and Second Century Ventures, also participated in the round for the proptech startup company.

The latest financing for Plunk will help the proptech startup business release its product and continue to build out its mobile app platform. Currently, the initial release of the app is limited to Apple devices in the greater Seattle area.

Finding the Right Remodel

Co-founded in 2019 by Lent and entrepreneur David Bluhm, Plunk aims to assist homeowners in building wealth through their homes. The two founders of the proptech startup business bring with them years of experience in data science and real estate technology.

Plunk gives users access to the wealth information needed to increase the value of their property. The app platform built by the startup provides homeowners with real-time valuations of what their house is currently worth using a combination of artificial intelligence and imaging analysis. Any existing improvements made to the property are assessed in the valuation to provide an accurate estimate.

Furthermore, the proptech business also assigns a “Plunk Value” of what the property could potentially be worth after a few renovations. Users can even view recommended home improvement projects for their residence and apply for a loan to finance the project within the app built by the company. Recommendations from the business are made based on how much value a particular renovation will add to the home.

Breaking Into the Proptech Market

According to a report from global investment bank GCA, the proptech industry raised over $7 billion in equity and debt financing throughout 2020. Real estate technology continues to find support from interested investors, and the proptech startup intends to capitalize on the opportunity. Plunk provides a unique service to homeowners with its disruptive technology and will likely draw the attention of investors as the app platform expands into new markets.

“By building a platform connecting homeowners, lenders, and contractors, Plunk has the potential to bring a layer of trust and transparency to the real estate business,” said Gen Tsuchikawa, chief investment manager for Sony Innovation Fund.

About the Author

Headshot for author James White

James White is a Michigan State University graduate with a B.S. 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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