Startup wants to reduce the hours agents and brokers spend on administrative tasks.
Toronto-based proptech startup Mave has announced $2 million CAD in pre-seed funding as it looks to help automate the back-end work for real estate agents with artificial intelligence (AI).
The all-equity, all-primary round was co-led by Relay Ventures and N49P, with participation from Alate Partners, Clarim Ventures, and Gambit Partners, along with angel and strategic investors, including a past president of the Toronto Real Estate Board, whom the company declined to identify to BetaKit.
“While our initial focus is on handling marketing tasks, with the funding in place we are expanding our development to establish Mave as a full-time assistant.”
Mave founder and CEO Raz Zohar told BetaKit the funding round closed in May, noting the company opted to announce following the recent launch of its beta program in September. The beta will test Mave’s AI assistant with 1,000 real estate agents and brokers.
Prior to its fundraising announcement, Mave was operating in stealth mode, but it claims to have garnered interest from over 6,000 real estate agents across more than 90 brokerages.
Founded in 2023, Mave is the brainchild of Zohar, who was inspired by seeing the extensive behind-the-scenes work real estate agents handle while buying his first home with his wife. Observing that agents often spend up to 35 hours on administrative tasks per transaction, Zohar created an AI assistant specifically for real estate agents and brokers.
Mave is aimed to equip agents with quick access to market and neighbourhood insights. The tool allows users to answer client questions, such as the price per square foot in a certain area. The product also automates tasks like social media posts, marketing materials, emails, and presentations.
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Since launching its beta one month ago, Mave claimed in a statement that the platform’s initial users have already seen some early results. One of its beta customers is PSR Brokerage, an Ontario luxury boutique real estate firm. According to Mave, 60 percent of PSR’s agents are now actively using the AI assistant at least six times per week.
“While our initial focus is on handling marketing tasks, with the funding in place we are expanding our development to establish Mave as a full-time assistant,” Zohar said in a statement. “Mave will handle key back-end administrative tasks, from coordinating an open house to finalizing contracts better and faster than ever before. This will enable agents to focus on what matters most – servicing their customers and growing their brand.”
Mave is using the new funding to develop its product and grow its 10-person team, with hopes to double that number by the end of next year. Zohar told BetaKit the firm plans to make Mave a full-time assistant in the first half of 2025.
Feature image courtesy Mave.