HouseCanary, a U.S.-based fintech firm focused on providing a real estate analytics solution, announced on Thursday it has acquired real estate technology startup, Dropmodel. HouseCanary reported that this is the first acquisition since its secured $65 million through its Series C growth funding round.
Founded in 2013, HouseCanary describes itself as a real estate technology company that provides what it believes to be the most accurate home valuation to drive “smarter decisions” across the real estate ecosystem.
“We have assembled the most comprehensive dataset in the residential real estate industry, drawing from over 200 individual databases. Combined with our sophisticated machine learning models, which understand the relationships between property value drivers, we can determine the current and future valuations for 100 million residential properties and deliver insights that empower our customers to make the smartest decisions about their real estate investment assets.”
HouseCanary further explained that Dropmodel, which was founded in 2017, is a web-based real estate financial modeling, analysis, and presentation application that includes a suite of smart, flexible models, calculators, and tools for the single-family real estate sector.
Speaking about the acquisition, Jeremy Sicklick, Co-Founder and CEO of HouseCanary, stated that Dropmodel will add “speed and clarity” to the company’s clients’ workflows to allow them to make investment and underwriting decisions faster and with more confidence.
“This is important today and, in the future, as our clients work with us to understand how market changes impact their business.”
Dropmodel Co-Founder, Tom Blake, then shared:
“HouseCanary’s acquisition of Dropmodel will support the company’s continued expansion into the investment side of the single-family residential industry.”
HouseCanary added that Blake has joined the company as Vice President of Investor Platform.