Warsaw-Based SonarHome Raises € 5.6 Million to Help Sell and Buy Homes in Central and Eastern Europe; here’s how

Based in Warsaw, Poland Home Sonar is a real estate tech startup that aims to change the way people sell and buy homes by introducing the iBuying service to the Polish real estate market. It allows users to quickly and securely sell an apartment within days.

In a recent development, the company announced that it had raised 5.6 million euros as part of an equity and debt round.

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“Selling an apartment doesn’t have to be difficult”

Selling and buying an apartment in the secondary market is very complicated and stressful. Expect weeks of waiting for the right offer. And that’s where SonarHome comes in to simplify that process.

Founded in 2018 by Mateusz Romanowski, SonarHome is an end-to-end residential real estate marketplace operating in Central and Eastern Europe. It provides homeowners with free valuation and analysis services in Warsaw and more than 50 other Polish cities.

The company’s main lines of business are a “cash offers” iBuying business, as well as digital brokerage services that help homeowners find buyers in the open market. SonarHome claims to be the first company in Poland to offer the iBuying service, which allows you to quickly and securely sell an apartment directly to iBuyer.

SonarHome uses technology to estimate the value of the property, then buys it and immediately pays the seller in cash. iBuying simplifies and shortens the process of selling apartments, which takes just days instead of months, the company says.

The goal of SonarHome is also to educate the market and provide data on current property prices. On the sonarhome.pl site, a map of accommodation prices for a given location is available. Currently, the user can view apartment prices at the city, district, subdivision or specific street level.

Mateusz Romanowski, CEO and Co-Founder of SonarHome, says: “Real estate markets in Central Europe have been changing rapidly, but it is still difficult for homeowners to sell their properties on the secondary market. Often, sellers do not even know the real value of their property. We want to level the playing field and make the whole process easier.

Explaining the business, Romanowski adds, “SonarHome gives homeowners a free estimator of their home’s value, helps them find the buyer on the open market, and in some cases even buys their properties for cash, at the right price. of the market. “

SonarHome reports that it has been collecting and analyzing data on real estate deals and deals in Poland since 2017, and has also been offering Warsaw homeowners its iBuying service since 2019. To date, the company has been involved in over 160 deals.

Investors

The tour was led by the European venture capital fund Capital Market. Besides Market One Capital, the tour also saw the participation of Kogito companies; business angels associated with the real estate sector, including the former product manager of the REA group Andrew Rechtman; Philippe Schomberg of Kingstone Capital; seasoned tech entrepreneurs and investors, including Michał Borkowski (co-founder of Brainly); Maciej Noga (co-founder of Pracuj.pl); Marek Cygan (co-founder of Nomagic.ai); and Chris Guzowski (Polipo Ventures).

How will the funds be used?

With the recent funding, SonarHome aims to further develop its automated real estate appraisal technology (using AI and machine learning), increase the scale of its iBuying and digital brokerage operations, and expand to others. Central European cities, including Budapest, Bucharest, Bratislava. , and Prague.

In addition to this, the company is also looking to strengthen its team, hiring automation specialists, BI analysts, developers and real estate professionals.

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