In July last year, we introduced you to Nada, a fairly new digital start on the scene that planned to disrupt the residential property model. The Dallas-based team was launched at the end of 2018 after raising $ 500,000 in pre-seeded capital from a private investor and quickly gaining a foothold for its all-in-one home buying solution.
But with new services underway and record revenues coming in, Nada was ready to raise more funding. This led to a campaign on Republic, an investment platform that enables startups at an early stage to raise up to $ 1.07 million from anyone – friends, family, fans and the general public – with crowdfunding regulation.
June 17, 2020 Nada was launched in the republic. By June 24, it had already collected 100 percent of its fundraising goal. But the campaign did not end there.
On March 2, 2021, Nada raised $ 1.07 million – the highest amount the SEC allows for the public offering, with only 59 days left for the campaign. The financing comes from 2,733 public investors from Republic, who joined the team as shareholders. This means that Nada is now mainly supported by public investors rather than institutional or private investors.
For co-founder and CEO John Green, it is a “tremendous achievement,” one that exemplifies evidence of Nada’s mission to “unlock housing capital and make real estate more accessible.”
“Nada is a vehicle for the purpose of unlocking housing capital and making real estate more accessible to all,” he wrote about republic. “This can only be achieved through a society. Today is a big step towards building that society. ”
This is important news for Dallas, which received a boost from the Republic in November when the platform launched its cities program here.
Republic Cities is a program that selects emerging cities with high growth to run fundraisers for companies built by their own communities. Republic Cities Dallas aimed to connect with the local startup environment while highlighting the companies that are rising on Republic.
Part of that effort involved educating Dallas about the Republic’s online fundraising, especially given that the team had facilitated more than $ 200 million in over 250 businesses at the launch of the cities. At the core of the platform, we learn that startups can raise up to $ 1.07 million, and next year $ 5 million from anyone and everyone.
The company believes it is an excellent option for many, and “certainly more attractive than using credit cards or predatory short-term high APR loans,” says its team. It really paid off for Nada.
The task behind the Dallas-based real estate startup is as simple as it sounds: Sell your home online, pay nada.
Unlike most of the industry, Nada has integrated all services – real estate, mortgage, insurance, escrow – into a single digital solution. In this way, a real estate transaction is completely transformed into a complete homeowner-service relationship. It is also a more affordable and less stressful experience for both the buyer and the seller. (You can read more about how it works here).
Green compares what Nada does with Carvana for the car industry. Customers can apply, tour, buy, finance, insure and settle in their home – and do everything online. When the pandemic hit, the team quickly swung from personal home trips to video, from traditional open houses to Facebook and Instagram live events, and from personal closures to electronic and mobile paperwork.
When COVID continues, that path can continue.
“From a larger industry perspective, I believe the impact of COVID-19 will lead to a faster change in consumer behavior and break down barriers to enabling a more digital buying and selling experience in multiple sectors,” Green told us earlier. “We are proud to be able to serve our society today and help people release more of their equity through a low stress process.”
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