New real estate tech startup Faira has reportedly secured $1.3million from investment firm Pessoa & Partners Tech 10 Ltd, bringing the total fundraising to $1.53 million.
“Faira will use the funds to grow its engineering and business teams and continue to build out more user-centered technology”, says the press release.
Faira’s business model aims to reduce risk and increase transparency (decreasing costs).
Company CEO Kamal Jain, spent most of his career developing business models for Microsoft and eBay and is now on a mission to improve the way homes are bought and sold.
Kamal wrote an open letter to Spencer on October 6 2015, offering to sell his investment home:
Your Seattle home has been on the market for 3 months now and I noticed you have already discounted the price twice and bought a Zillow promotion to help incent buyers. Like most sellers, I’m sure you want to get the highest price for your home.
At your current asking price of $1,199,000, you may be paying $72,000 in realtor’s commission plus an $8,000 credit at closing (due to the Zillow promotion) for a net price of $1,119,000.
Spencer, we have an offer for you:
Sell your home with Faira and we promise you will get $1,119,000 in your pocket or the next price cut of $50,000 is on us! Spencer, are you ready? Sincerely,
CEO & Co-Founder Faira.com
Read More at: www.faira.com