Real estate marketing software provider Luxury Presence raises $25.9M in a Bessemer-led Series B – TechCrunch
Luxury Presence, a startup selling marketing software to real estate agents, announced today that it has raised $ 25.9 million for its Series B round. Bessemer Venture Partners led the round together with the other existing investors Toba Capital and Switch Ventures. Former Dallas Mavericks basketball player Dirk Nowitzki, along with other angel investors, also entered the round (making his very first institutional investment).
The Los Angeles-based company, last founded in January 2020, has raised a total of $ 33.3 million since its launch in 2016. Luxury Presence’s product has evolved over this period from a website building tool to a more holistic real estate content management system that now includes a customized agent home search tool, as well as support for marketing, social media and lead generation .
The company serves 3,700 clients, including single and multi-agent real estate teams. Its customers focus on high-end metropolises in the US and Canada, founder and CEO Malte Kramer told TechCrunch in an interview.
Luxury Presence will use the funds to develop new agent sales products, some of which will be announced later this year, and to further develop the platform’s design and user experience. It will also invest in launching networks similar to the new Global Collective, which is helping its 30 member representatives, all of whom have at least $ 1 billion in retail sales, connect and share opportunities.
The company doubled its number of employees last year to over 130 employees today, and a further doubling is planned for 2022, said Kramer. A key growth area for new hires is the 25-strong sales team, many of whom are likely to work in the company’s second Austin office, which opened earlier this year.
Kramer said the recent surge in people moving to new states and regions during the pandemic has opened up opportunities for agent collaboration. Growing demand for second homes last year also spurred the luxury real estate segment.
Kramer noted the importance of integration for real estate agents who, in his view, have not adopted new technology solutions in the past.
Most agents hire “different specialists for different jobs,” said Kramer.
“You may have different point solutions and software tools. They could have a marketing assistant on a team, they could have a brother-in-law doing their SEO. They take a lot of time to do all of these things and they are not integrated very well, ”he added.
Luxury Presence’s cost-effective customer acquisition and high retention rates have led Bessemer, which has supported well-known SaaS companies such as Toast and Shopify, to invest, partner Byron Deeter told TechCrunch in an email.
“We watched the pattern recognition closely to see that the signs of customer love really took hold [Luxury Presence]“Wrote Deeter.