Crawford Hoying leads $ 6million funding round for Dublin-based short-term rental investment startup
DUBLIN, Ohio (COLUMBUS BUSINESS FIRST) – Crawford Hoying, one of central Ohio’s largest real estate development companies, led a $ 6 million investment round in reAlpha, a technology company launching a platform to allow users to invest in the short-term $ 1.2 trillion rental market.
The $ 6 million will be used to accelerate the growth of Dublin-based reAlpha, including investment in its platform, data science function and engineering capabilities, according to a press release. Profits will also be used to expand reAlpha’s membership network, operations and geographic presence.
According to its website, reAlpha uses AI to generate properties that are the best investment opportunities in the market. The AI scores properties on various factors to predict the viability of individual properties for the short-term rental market as well as projected long-term value. The properties with the highest scores are then listed on reAlpha’s digital marketplace app.
The platform allows consumers to benefit from short-term rental income as well as the increase in property value resulting from renovations and appreciation of market conditions, the release said. Investors can buy shares in specific properties, which will provide “significant opportunities for wealth creation” through short-term income such as Airbnb and equity-based capital appreciation, the statement said.
“ReAlpha’s data-driven approach is a paradigm shift for the short-term rental investment market. The proprietary technology developed to identify, acquire and market low risk properties is a big step forward. We strongly believe in the team’s belief and vision to make them a leader in this space, ”said Brent Crawford, Director of Crawford Hoying, in the statement.
For more business news, visit ColumbusBusinessFirst.com.