Total amount raised
$5.8 Millions
Latest funding date
Location
Ownwell has successfully raised funding through multiple rounds, with notable investors such as First Round Capital and Long Journey Ventures backing the company. The platform offers a range of services aimed at helping property owners reduce their property taxes and manage real estate costs effectively.
Keep reading to explore the intricacies of Ownwell's fundraising journey and the investors supporting this innovative platform.
What Is Ownwell?
Ownwell, founded in 2020, is based in Austin, Texas. The company was established by Colton Pace, Frank DiZenzo, and Joseph Noor. It employs between 51 and 100 people.
Ownwell specializes in helping property owners reduce their property taxes. They offer services such as Property Tax Appeal & Monitoring, Property Tax Exemptions, Insurance Rate Monitoring, and Bill Reduction.
The platform operates on a no upfront cost model, charging only if they successfully reduce the property taxes for their clients. This approach ensures that property owners can confidently manage their real estate expenses.
How Much Funding Has Ownwell Raised?
- Seed Round
- Amount Raised: $5.75 million
- Date: May 2, 2022
- Lead Investors: First Round Capital, Long Journey Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand the team in sales, marketing, operations, and local expertise.
Total Amount Raised: $5.75 million. Current Valuation: Not publicly disclosed.
Key Investors
The major investors in Ownwell are:
- First Round Capital
- Details: First Round Capital is a venture capital firm that focuses on seed-stage investments. They have a strong track record of backing successful startups.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Uber, Square, Warby Parker, Roblox.
- Wonder Ventures
- Details: Wonder Ventures is a seed-stage venture capital firm based in Los Angeles. They focus on investing in early-stage startups in the region.
- Investment Focus Areas: Seed-stage investments in Los Angeles-based startups.
- Notable Investments: Honey, Clutter, Tala.
- Founder Collective
- Details: Founder Collective is a seed-stage venture capital firm that aims to be the most aligned fund for founders at the seed stage.
- Investment Focus Areas: Seed-stage investments across various sectors.
- Notable Investments: Uber, BuzzFeed, PillPack.
- Long Journey Ventures
- Details: Long Journey Ventures is a venture capital firm that invests in early-stage technology companies. They focus on helping startups grow and succeed.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not explicitly mentioned in the sources.
- Scott Banister
- Details: Scott Banister is a board member of PayPal and an angel investor known for his investments in technology and internet companies.
- Investment Focus Areas: Technology and internet companies.
- Notable Investments: PayPal, Zappos, IronPort.
What's Next for Ownwell?
Ownwell is poised to capitalize on significant opportunities by expanding its services beyond Texas, California, Washington, and Florida. The company aims to leverage its technology to identify overpayments and appeal property assessments, tapping into a market where homeowners pay billions in extra taxes. This expansion could lead to substantial growth, given the increasing real estate prices and the rising interest in proptech solutions.
Future fundraising opportunities seem promising, considering Ownwell's rapid growth and successful seed round. The company may seek additional funding to support further technological development and geographical expansion. However, navigating the complexities of property tax laws across different states and maintaining the accuracy of their technology will be critical challenges. Ensuring a high success rate in tax protests is essential to uphold their "Savings-or-Free Guarantee."
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