OTTAWA, Ontario–(BUSINESS WIRE)–PropTech innovator Unreserved announced today that it has secured $33.85 million in seed funding led by Ryan O’Connor, who took his digital automotive auction company E INC public. (TSE:EINC) at a valuation of over $1 billion earlier this year. Unreserved addresses the top consumer issues when buying and selling a home by leveraging their auction technology. The platform offers 100% transparency to buyers while maximizing benefits for sellers. Investors in the round include O’Connor, former chairman of Royal Lepage, Simon Dean, technology investor Jason Chapnik of Intercap and numerous real estate professionals.
“The residential real estate market in Canada has long been ripe for technological and process disruption. Unreserved’s model puts the customer first and emphasizes unwavering transparency,” said Matthew Hoar, President of Unreserved Inc. “In Ottawa alone, we have sold over $50 million in real estate over the of the past 100 days, and we see huge potential for expansion. here in Canada in 2022 and the opportunity is endless.
O’Connor says, “Unreserved is poised to succeed as buyers grow increasingly frustrated with the dangers of blind bidding and unconditional bidding. The capital will fuel investment in technology to create the marketplace that will allow the industry to evolve.
The Unreserved technology platform paves the way for a seamless way to buy and sell homes allowing buyers to bid on homes in a real-time online auction environment, eliminating blind bidding and the daunting offers of the equation. Additionally, Unreserved is a full-service auction company, providing staging, marketing and promotion to attract qualified buyers and interested sellers. Unreserved is privately held and is based in Ottawa.