Nada, a U.S.-based real estate technology startup, has successfully secured nearly $455,000 in funding through its funding round on Republic. The round, which comes just after the company’s seed investment, was launched last month originally seeking a minimum of $25,000 with a max of $1.07 million.
As previously reported, Nada describes itself as a vertically-integrated real estate services company that makes homeownership simple, rewarding, and accessible.
“Most homeowners (nearly 90%) who sell their home using a real estate agent pay 6% of the home price as a commission fee – with 3% going to the sellers agent and 3% on the buyers agent. On a $400,000 home that’s a $24,000 commission fee split between the two agents. At nada, we recognize how outrageous this commission fee is. So when buyers choose nada as their agent, we collect our 3% then refund up to $2,000 to the buyer. This is possible because of our team support structure and use of automation to streamline the home buying process- reducing our costs and your outrageous real estate fees.”
Investors will receive a “Crowd SAFE” that enables investors to receive equity at a future date at a 20% discount and a valuation cap of $12 million. Speaking about the seed investment round and Republic offering, John Green CEO of Nada, recently stated:
“This seed round has moved fast–with the 4 commitments from private investors, the record-breaking revenue, and the amazing support from all of you on our public offering, we are now considering closing the round sooner than originally planned. As we continue to discuss and explore strategies we will issue updates and if any material change is made to our Republic offering you will receive formal notice.”
The securities offering is currently set to close in December.
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