After announcing a $2 million seed round raise in July, fast-growing Dallas startup Nada has hit a major milestone in that campaign.
When the residential real estate startup launched the campaign, it said part of that money would come from crowdfunding investments. Now, with 59 days left on the crowdfunding site, which was via the Republic Dallas platform, Nada has raised $1.07 million – the maximum allowed under current SEC rules.
“Today, more than ever, the home is the most important asset for Americans. In times of economic stress, we rely on our home’s equity as a safety net and in good times as our nest egg,” the company wrote on its Republic profile. “Yet, the process to buy and sell your home is unnecessarily complicated and expensive.”
More than 2,700 investors joined the crowdfunding raise. The company said it set its valuation cap at $12 million.
It’s unclear whether Nada has raised the additional money via private venture capital. The company did not respond to a request for comment before publication.
“We strategically chose Republic because they are the premier crowdfunding platform, giving us access to one of the largest startup ecosystems in the world. We believe in the democratization of fundraising and welcome capital from a diverse set of investors,” said Mauricio Delgado, co-founder and CSO of Nada, in a statement announcing the launch of the fundraising campaign.
Like the company’s name says, Nada provides a home buying and selling platform that looks to remove traditional commission fees in the process, allowing users to pay nothing to sell or close on a home. It works by providing all of the industry’s verticals under one brand, including realty, escrow and insurance, among other things. To list a home, users pay a flat fee when they close on a home, which they are then refunded for when they buy a new home through the Nada platform.
The company, which launched in 2018 after raising $500,000 from an unnamed private investor, has been growing quickly. It launched its MVP of Nada Realty in 2019, later merging with Dallas brokerage SubZero Realty in 2020 and adding its owner Jeremy Males as the vertical lead. The company has also garnered some recognition, being accepted into the Google Cloud for Startups program and UT Austin’s Texas Venture Labs program. It’s also managed to bring about 3,000 clients onto its platform.
With the crowdfunding money and any cash coming from other investors, Nada said it is looking to establish more verticals on its integrated platform, including a mortgage service. It also said its planning to launch its sales channels in new markets this year and expects to hit profitability by Q2.
“Today, we’re addressing the inefficiencies and high costs with buying and selling your home,” the company wrote on its profile. “Tomorrow, we’ll be addressing the inefficiencies and high costs with owning your home.”
Republic Dallas was one of the first region-focused curated community crowdfunding platforms launched by Republic in November. In addition to Nada, three other startups currently raised funds on the site, including Sparkle, Hidrent and Lavabit. The website also lists four active investors. Locally, Republic Dallas is partnered with SMU, The DEC Network, Integrative Ventures, Capital Factory and Worklodge.
“Our mission from day one has been to democratize startup financing with retail capital. For startups out there, that means you no longer have to be located in venture capital hubs… you could be right here,” said Pialy Adita, chief strategy officer at Republic, at the November launch event. “This means anyone, regardless of wealth, can become an angel investor and have access to highly vetted startups.”
