Reali, mobile app-based brokerage, nabs $5M

  • Brokerage pouring investor fuel into expansion through the San Francisco Bay Area.

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A real estate brokerage that uses a mobile app, beacons and low fees to service homebuyers and sellers has closed a $5 million Series A funding round. San Mateo, California-based Reali will use the cash to expand to all markets around the San Francisco Bay Area, including San Francisco, Oakland and San Jose, and continue to build out its technology and brand. "We've experienced significant growth in a very short period of time and our scalable model is ready for new markets and platforms," said Reali CEO Amit Haller in a statement. The company declined to disclose transaction numbers but said that it employs 10 licensed agents and is looking to hire more. Reali‘s business model revolves around a mobile app, available for Android and iOS, that offers listing search, the ability to make and view offers, submit paperwork and chat with agents. When working with homebuyers, Reali keeps only $4,950 (up from $2,950 last year) from the buy-side commission and reb...