Chexy has successfully raised $5.6 million over three funding rounds, positioning itself as a notable player in the rental payments and rewards market. The platform allows tenants to pay rent with a credit card, earn rewards, and build credit without requiring landlord participation.
Keep reading to explore the intricacies of Chexy's fundraising journey and the investors backing this innovative platform.
What Is Chexy?
Chexy, founded by Ben Gigone and Lizaveta Akhvledziani, is an early-stage startup based in Toronto, Canada. The company empowers renters with flexible, credit-friendly rent payments and rewards. With a team of 11-50 employees, Chexy allows tenants to pay rent using credit cards, earn rewards, and build credit without requiring landlord participation.
How Much Funding Has Chexy Raised?
- Seed Round
- Amount Raised: $4,100,000
- Date: June 2024
- Lead Investors: Venrex
- Motivation Behind the Round: To build infrastructure for tenants to pay through Chexy regardless of their landlord's preferred payment method and to expand into other household services, including mortgages.
- Pre-Seed Round
- Amount Raised: $1,300,000
- Date: March 2023
- Lead Investors: Crossbeam Ventures
- Motivation Behind the Round: To grow its team and deliver its program to more renters across the country. The funding will also support the launch of new features for landlords and a credit-building offering for tenants.
- Pre-Seed Round
- Amount Raised: $220,000
- Date: July 2022
- Motivation Behind the Round: To scale its rewards and payments platform for renters.
Total Amount Raised: $5.6 million
Current Valuation: (~estimated)
Key Investors
- Venrex
- Details: Venrex is a venture capital firm based in London, known for investing in early-stage companies. Ian Goldberg, Principal at Venrex, has praised Chexy's rapid user growth and potential.
- Investment Focus Areas: Consumer finance infrastructure, innovative financial solutions, early-stage startups.
- Notable Investments: Revolut, Charlotte Tilbury, Just Eat.
- Crossbeam Ventures
- Details: Crossbeam Ventures is a venture capital firm that focuses on early-stage investments in technology and innovative platforms. They led Chexy's pre-seed funding round.
- Investment Focus Areas: Technology, fintech, early-stage startups.
- Notable Investments: Notion, Figma, Airtable.
- Groundbreak Ventures
- Details: Groundbreak Ventures is a venture capital firm specializing in real estate technology and fintech. They participated in both the seed and pre-seed funding rounds for Chexy.
- Investment Focus Areas: Real estate technology, fintech, proptech.
- Notable Investments: Properly, Lane, Rentlytics.
- Antler Global
- Details: Antler Global is a global early-stage venture capital firm that supports startups from the ground up. They participated in Chexy's seed funding round.
- Investment Focus Areas: Fintech, healthtech, deep tech.
- Notable Investments: Airalo, Reebelo, Sampingan.
- Ferst Capital Partners
- Details: Ferst Capital Partners is a venture capital firm that focuses on fintech and technology investments. They participated in Chexy's pre-seed funding round.
- Investment Focus Areas: Fintech, technology, early-stage startups.
- Notable Investments: Wealthsimple, Borrowell, Koho.
What's Next for Chexy?
Chexy is poised to capitalize on a significant opportunity by expanding its platform to include payments for other household services such as tenant insurance, WiFi, and phone services. This expansion could transform Chexy into a comprehensive household wallet, catering to over 15 million renters across Canada. The potential to bundle all household service payments with rent at a discounted rate further enhances its appeal.
Given the successful seed round, Chexy is likely to pursue additional funding to support its ambitious growth plans. However, the company may face challenges in ensuring seamless integration with various landlords' preferred payment methods and maintaining rapid user growth while expanding service offerings. Navigating regulatory requirements and changes in the financial and real estate sectors will also be crucial for Chexy's continued success.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Chexy and gather other critical business insights.
Sign up for free on Clay and start leveraging these powerful tools today.
