Six months after launch, Indigo has secured its first funding round backed by NFX, Era Ventures and GTM Fund. The company will use the funds to expand its reach throughout the Southeast.

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Six months after its launch, artificial intelligence-powered home transaction platform Indigo has secured $8 million in seed round funding, executives told Inman exclusively on Thursday. 

Shaival Shah | Credit: Indigo

“Homebuyers, homesellers, and agents face mounting challenges today with affordability, limited housing inventory, complex negotiations, and navigating new commission structures,” Indigo Co-founder and CEO Shaival Shah said in a written statement.

“By delivering a collaborative and streamlined experience, we empower all members of the transaction with the tools and context to balance what’s winning in the market, the means of the buyer, and the needs of the seller.”

“We provide transparency into the transaction and help agents show their negotiating value,” he added. “We are thrilled to partner with our investors to power the future of home negotiations together.”

Indigo centralizes agent-to-agent communications, contract and disclosure signings, offers and negotiations for a more transparent transaction experience for homebuyers and homesellers.

Listing agents can use the platform to create Storefronts, the company’s term for listings. The Storefront pulls property information from multiple listing services and includes personalized announcements, comparables and seller preferences on earnest money deposits, due diligence fees, due diligence end dates and preferred closing timelines. Meanwhile, buyer agents can use the platform to generate exclusive or non-exclusive written buyer agreements and craft offers that are automatically sent to the listing agent’s dashboard.

From there, Indigo’s proprietary artificial intelligence model cuts the chaos associated with paperwork by generating contracts, disclosure forms, and addendums, organizing them into a workflow for listing and buyer agents. Indigo AI also autofills paperwork throughout each stage of the transaction, enabling agents to focus on other tasks for their clients.

Shah said Indigo’s value proposition has hit home with agents, with the company reaching 20 percent market share in North Carolina and South Carolina. Indigo’s platform increased offer acceptance rates by 35 percent and improved on-time closings by 40 percent, the company said.

“When we launched in August, there was a lot of uncertainty,” he told Inman in a phone call. “And I think over the last three or four months, what we’ve seen has been that people have settled in very quickly and it feels like it’s back to business. I think the challenge that people have been facing is still the affordability crisis and interest rates are pretty sticky, close to seven percent.”

“I believe that what we are going to see going forward is more and more innovation around transparency, data insights and creating more seamless experiences, and that seems to be pretty consistent from everyone I’ve spoken to. They all take a slightly different angle in it,” he added. “But I think as an overarching theme, the industry is aligned to drive a lot of support around consumer transparency wherever they possibly can. So that’s really been, I think, one of the biggest takeaways for us.”

The company’s strong performance caught the attention of NFX’s Pete Flint, Era Ventures’ Clelia Warburg Peters, and GTM Fund’s Paul Irving, who led the round. 1Sharpe Ventures and Ballistic Ventures’ Jake Seid also contributed.

“We were drawn to Indigo’s vision that the market is shifting from a search-centric to transaction-centric model,” Flint said in a written statement. “Indigo is on the bleeding edge of that transformation, leveraging proprietary AI to create a magical home transaction experience for everyone. We are thrilled to back the Indigo team and their deep domain expertise.”

“On the heels of major industry changes, greater transparency around the home transaction has become vital. The home offer process is the fulcrum of homebuying, yet it remains opaque and inefficient,” Warburg Peters added. “I am confident that Indigo will pave the way for a smarter, more transparent future. This kind of innovation empowers every member of the home transaction experience and has the power to transform markets.”

Shah said the seed funding will enable the company to reach its short-term expansion goals in Texas, Florida, Tennessee and Georgia. However, by the end of the year, Shah said he hopes Indigo will be in 30 to 35 states.

“The goal is to be to be able to touch 75 percent of all U.S. transactions,” he said.

Email Marian McPherson

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