OTTAWA, Ontario--(BUSINESS WIRE)--PropTech innovator Unreserved today announced that it has secured $33.85 million in seed funding led by Ryan O’Connor, who took his digital auto auction company E INC (TSE: EINC) public at a valuation of more than a billion dollars earlier this year. Unreserved addresses consumers’ biggest pain points when buying and selling a home by leveraging their auction technology. The platform provides 100% transparency to buyers while maximizing the upside for sellers. Investors in the round include O'Connor, former President of Royal Lepage, Simon Dean, technology investor Jason Chapnik of Intercap, and numerous real estate professionals.
“The residential real estate market in Canada has been ripe for technological and process disruption for a long time. Unreserved’s model puts the customer first and emphasizes unwavering transparency,” says Matthew Hoar, President of Unreserved Inc. “In Ottawa alone, we’ve sold over 50 million dollars in real estate in the last 100 days, and we see massive potential for expansion here in Canada in 2022 and the opportunity is endless.”
O’Connor says, “Unreserved is poised for success as buyers become increasingly frustrated with the perils of blind bidding and unconditional offers. The capital will fuel the investment in technology to create the marketplace that will allow the industry to evolve.”
The Unreserved technology platform is paving the way for a transparent way to buy and sell homes allowing buyers to bid on homes in a real-time online auction environment, removing blind-bidding and bully offers from the equation. In addition, Unreserved is a full-service auction company, offering staging, marketing, and promotion to attract qualified buyers and interested sellers. Unreserved is privately held and is based in Ottawa.