WASHINGTON, DC--(Marketwire - Aug 6, 2012) - Sawbuck Realty (www.sawbuck.com), "Shazam for Homes," today announced that it has closed its latest funding round for a total of $3.5M from Revolution Ventures and Washington, DC real estate investor Robert Stewart. The close of the funding round comes on the heels of an exciting quarter for Sawbuck, in which it won TechCocktail's "Most Innovative Technology" award for the launch of its free HomeSnap app at SXSW and saw it quickly become one of the top lifestyle apps available on the iTunes store. With more than 200,000 downloads since its launch, HomeSnap allows users to simply snap a picture of any home in the U.S. to find out all about it. Last week, HomeSnap was awarded the "Most Innovative Mobile App" at Inman's prestigious Real Estate Connect conference.
As Shazam is for music, HomeSnap is for houses -- providing a unique and effortless experience for the merely curious or the serious house hunter. HomeSnap's patent-pending technology employs multiple iPhone sensors, and proprietary advanced algorithms to identify each home and then instantly provide consumers with detailed information about the home simply by snapping a photo. Information comes from Sawbuck's unique blend of big data, including tax records, MLS data, school information, and attendance zones, Census demographics, neighborhood information, lot boundaries, geolocation data, and more. This is a sharply different approach from existing real estate search apps, which are designed just for active home buyers.
"HomeSnap has the potential to transform real estate discovery," said Tige Savage, Managing Director of Revolution Ventures. "We have been following Guy and the Sawbuck team for over a year and have been impressed by the team's vision to disrupt the real estate market and their ability to execute."
The funding will be used to expand the HomeSnap development team, add additional features and build out the web ecosystem to complement HomeSnap's mobile-first approach. The company is working on Android and iPad versions of the app and developing ways to apply the functionality to condos, co-ops, rentals, and other categories.
"HomeSnap is all about discovery," said Sawbuck co-founder and CEO, Guy Wolcott. "This funding will allow us to continue building on the HomeSnap model that rewards curiosity and real-world exploration for buyers and browsers alike. With the help of the Revolution team, we will focus on additional innovation and monetizing the model."
Sawbuck's core business is its online real estate brokerage which allows users to start their home buying process online or via a mobile device by browsing MLS data and scouting homes for sale without making a commitment to an agent. Once they are ready to move to the next step, Sawbuck can connect those buyers with an agent from its network to arrange a tour or make a deal. Sawbuck has over a million monthly visitors and more than 250,000 registered users for its online service.
Headquartered in Washington, DC, Sawbuck Realty (www.sawbuck.com) is "Shazam for homes," that combines industry-leading apps and online properties with an award-winning, consumer-friendly business model. The company connects buyers and sellers with top local real estate agents, and streamlines their transactions. To stay up to date on Sawbuck, follow us on Twitter, @sawbuck or @homesnap, or at facebook.com/SawbuckRealty or facebook.com/HomeSnapApp.
About Revolution Ventures
Revolution Ventures invests in start-ups and early-stage companies founded and led by passionate entrepreneurs. Revolution Ventures is focused on investing in technology-enabled businesses that empower consumers and disrupt existing, multi-billion dollar industries and has invested in more than a dozen companies since being founded in 2005 by Steve Case (co-founder of AOL) and Tige Savage, who serves as Managing Director. Revolution Ventures is headquartered in Washington D.C. For more information, visit www.revolution.com/ventures.