A new real estate platform focusing on direct buyer-to-seller transactions of housing has pulled down a major chunk of funding as interest grows in its innovative purchasing model.
Aalto has revealed that it acquired $13 million in a Series A funding round via Sequoia Capital. The company has raised more than $17 million in investments since its launch in 2018.
The organization, which launched its online marketplace in April, is meant to address the “tedious, outdated process” of homebuying, founder and CEO Nick Narodny told TechCrunch.
“People can sell totally on their terms and are much more connected in the process,” he said.
Sequoia partner Bryan Schreier echoed Narodny’s criticism of the prevailing real estate model, calling homebuying “one of the last giant industries with a 1900s experience.”
“Aalto is the first company to reinvent how homes are bought and sold by putting the consumer first,” he argued. “It goes far beyond a listing site and reinvents every aspect of the experience to be customer oriented rather than realtor oriented.”