AUSTIN, Texas--(BUSINESS WIRE)--Ownwell, the leading online solution to help commercial and residential property owners save money on property taxes, announced its $5.75 million seed funding today, led by First Round Capital. Additional investors in the round include Wonder Ventures, Founder Collective, Long Journey Ventures and former PayPal board member Scott Banister.
The latest round brings the total raised for Ownwell to $7.5 million. Previous investors include Wonder Ventures, Founder Collective, Long Journey Ventures, The Fund and notable angel investors in fintech and proptech. Both rounds were several times oversubscribed.
Ownwell identifies property owners who are overpaying on their property taxes and earns them reductions on their tax bills. Homeowners are paying billions of dollars extra because of inequities in assessing property values: Ownwell is dedicated to making the costs of property ownership more equitable.
“Property owners have a lot to consider when deciding to protest: the costs in time and money, the complexity of the process, and the access to real estate expertise and advice,” said Colton Pace, Ownwell’s CEO. “As part of our mission to reduce the inequities of property ownership, Ownwell handles the entire process of appealing on behalf of property owners and charges the lowest fees currently on the market. We ensure all property owners, regardless of financial status, have access to the tools, resources, and information they need to manage their property taxes with confidence.”
The new capital will be used to further Ownwell’s position as the most technologically advanced firm in the tax protest space. The team, which has grown by nearly 7x over the past nine months, will accelerate its hiring in all areas: sales, marketing, technology, operations and local experts to maximize savings for Ownwell’s customers.
Combining the Power of People and Technology to Ensure Fair and Accurate Property Taxes
Following a quick sign-up process, property owners instantly receive a savings estimate from Ownwell based on current sales and valuation data. If someone chooses to protest their assessment, local property tax experts use proprietary best-in-class software to build the best case possible. Ownwell’s Savings-or-Free Guarantee means customers only pay if Ownwell saves them money. The company estimates that nearly nine out of 10 protests are successful, and customers save an average of $1,457.
Over the past nine months, Ownwell’s customer base has grown by 40x, with operations currently in Texas, California, Washington and Florida with further plans to expand.
Investor Perspectives on $5.75M Seed Funding Round
"First Round Capital is excited to back the Ownwell team,” said Bill Trenchard, partner at First Round Capital. “Real estate is often the most valuable asset homeowners and investors own, but it’s difficult to track and manage the rising costs of property taxes, insurance, financing and more. Ownwell is building a platform to help property owners reduce their property taxes and manage the other costs of ownership with confidence.”
Ownwell specializes in reducing property taxes for property owners. Each year, Ownwell analyzes millions of properties to identify property owners who are overpaying and offers to protest their tax assessments on their behalf for just 25% of any savings they are able to achieve. Backed by cutting-edge technology, Ownwell’s team of local tax experts is on a mission to reduce unfair assessments, empowering our clients to take back their rightful savings. Visit Ownwell.com to learn more.
About First Round Capital
First Round is an early-stage venture capital firm that helps startups like Notion, Roblox, Uber, and Square tackle company building firsts. From tailored programs and a vibrant community, to custom-built software and content that serves up unique company building advice, the firm connects founders who are just getting started with the expertise and resources they need to make their first hires, build their first product and find their first customers. Learn more at https://firstround.com.