The funding will be dedicated to sustaining Updater’s current growth trend, which has seen the company climb to approximately 250 employees over the past 12 months.

Relocation technology company Updater has closed on a convertible note round of funding for approximately $60 million, it was announced.

A member of the first ever NAR Reach startup accelerator program, Updater was primarily supported in its funding by Second Century Ventures, the strategic investment arm of the National Association of Realtors. In total, the company has raised more than $250 million. This is the third round in which Second Century has participated.

Mark Birschbach, SVP of Strategic Business, Innovation, and Technology at the National Association of Realtors, said the new funding is another step in helping Updater innovate with the ways agents and consumers work together.

“From the outset of our relationship years ago, we saw how Updater successfully addresses the core challenges consumers face when moving,” he said. “We’re pleased to deepen our investment and partnership.”

Updater offers a solution to make easy the tedium of finding and setting up new home vendor accounts when relocating. It helps with connecting utilities, establishing internet services and, overall, connecting families to their new communities.

Homeowners are linked to Updater through real estate agent referrals stemming directly from whatever transaction management software being used; thus, the company is tightly connected with brokerages around the country, and agents can pay $149 per year for a version of the software branded to themselves or their team.

Updater claims it can save relocating consumers up to an average of five hours, $325 and 21 emails and phone calls.

The product provides the industry — members of NAR — with an array of data products to help analyze market activity, strategize marketing plans and predict relocation trends.

The funding allows for the option “to raise approximately $15 million in additional capital, for a potential total $75 million convertible note series,” the release stated. “The holders of the convertible notes have the right to convert to equity upon a public listing at a future date.”

Funding will be dedicated to sustaining Updater’s current growth trend, which has seen the company hire more than 100 employees in 12 months. It now employs approximately 250 people.

New talent will be focused on product conception and delivery for 2022, as well as on supporting current product initiatives.

Email Craig Rowe

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription