Dallas-based real-estate brokerage Pinnacle Realty Advisors has announced the closing of its seed round led by California-based capital firm Launchpad Capital, according to a news release. Pinnacle Realty Advisors has raised over $5 million to introduce "brokerage-as-a-service" and modernize the real estate brokerage model.
Launchpad founder Ryan Gilbert will also be joining Pinnacle's board of directors.
“Pinnacle Realty Advisors challenges the real estate industry’s outdated, commission split model and has a keen understanding of where the industry is heading," Gilbert said in the release. "With legacy brokerage and housing sales on a downward trajectory the industry is ripe for innovation."
The seed round included participation from California-based Mucker Capital and New Jersey-based Dream Venturers.
Along with the seed round announcement, Pinnacle has acquired California-based technology firm Realthy.io, which the company said would fuel growth and bring transparent pricing and software to its agents.
“We are reinventing the brokerage business model from the ground up because commission splits are dead and real estate agents deserve better, tools, services and support which collectively lead to streamlining transactions,” Sam Sawyer, CEO of Pinnacle, said in the release. “Unlike legacy brokerages, our BaaS model is built to thrive in any market environment as it is unaffected by office costs, slowing transactions or commission-split revenue.”
Pinnacle Realty Advisors was launched in 2020. The cloud-based firm is currently licensed in Texas, Louisiana and Arkansas.
