• Kosovo-based proptech startup Rubik has closed a $3.5 million seed round led by Silicon Valley-based Ulu Ventures.
• South Central Ventures, AAF Management, ERA’s Remarkable Ventures Fund, Green Egg Ventures and Greg Waldorf, former board member of Trulia and Zillow, also joined the round.
• The New York-based real estate startup was founded in 2017 by entrepreneurs Amar Sehic, Krenar Roka and Tommaso Montagni.
The inspiration for Kosovo proptech start-up Rubik’s came for the three co-founders because they had witnessed first hand the massive appetite of institutional investors for this niche, as well as the bottlenecks, which were unique to investors trying to allocate institutional capital in the single-family rental (SFR). SFRsh are single-family residences essentially owned and operated as rental properties.
Therefore, Rubik’s solution leverages machine learning (ML) to provide financial data on all single-family homes, making it easier for real estate investors to instantly find properties that match their investment criteria.
Previously, Sehic, Roka and Montagni worked together on various other projects for analysis and sourcing tools for the SFR space.
“By collecting and analyzing data from entire markets, Rubik’s technology is able to identify homes that meet each buyer’s specific buying criteria and are not currently on the market. The startup’s model is to bring these off-market houses to their market, without taking ownership, and allow institutional investors to then buy the assets in a streamlined and data-transparent way,” the company said. said in a press release.
Since launching the marketplace in 2021, Rubik has successfully completed transactions worth more than $12 million worth of single-family homes and counts 20 of the nation’s largest SFR buyers among its clients.
Develop engineering and other product expansion initiatives
The Kosovo proptech startup now plans to use the funds to increase its trading volume in current markets by further developing its core data and analytics platform and expanding engineering, sales teams and marketing.
“With the capital and partners we have brought on board, we are well positioned to take advantage of the upcoming changes in the real estate market and build on our first market lead in the space to become the platform for must-have investment for institutional single-family investors,” says co-founder Tommaso Montagni.
For lead investor Ulu Ventures, Rubik brings a modern solution to the real estate industry.
“Their platform can help reduce friction in transactions, better match supply and demand, as well as provide liquidity to owners looking to exit,” said Clint Korver, co-founder and managing director of Ulu Ventures.
Moreover, according to Korver, this approach will also modernize a practice that has too long relied on a network of independent service providers and a lack of transactional consistency.