Transactly, a St. Louis-based real estate technology startup, has raised $4 million as it charts rapid growth.
St. Louis-based holding company Hermann Cos., owned by the Hermann family, led the Series A funding round. Other existing investors in the financing include the National Association of Realtors’ investment arm Second Century Ventures, St. Louis Arch Angels and Ferry Ventures. The startup said the deal also included several new investors, including St. Louis serial entrepreneur Jim McKelvey.
In addition to the financing, Transactly said it has added to its C-suite with two key hires.
Founded in 2017, Transactly has developed technology to process and coordinate real estate transactions for agents and brokerages. The startup was born out of founder and CEO Bryan Bowles’ experience as the founder of local real estate firm Worth Clark Realty.
Tranactly’s Series A financing brings its total capital raised to $11.5 million. Of that figure, $7 million has been raised this year. In addition to the Series A round, Transactly announced a $3 million bridge funding round in March.
Transactly said in a news release it plans to use its funding to focus on product development to bolster its technology.
It appointed two new executives that will be crucial to those efforts, hiring Catherine Harris as chief product officer and Nick Niemeyer as chief technology officer.
Prior to joining Transactly, Harris worked in product development at several large companies, including Mastercard, USSA and Capital One. Niemeyer was CTO of data analytics company Evolve24 before joining Transactly.
"The additional capital is great, however, the people that continue to get involved in Transactly are the real story here. We have just added two rock stars to our executive team, and we have some really great investors who believe in what we're building, and continue to show their support," Bowles said.
Bowles said the chief product officer role is a newly created position at Transactly.
Chief Operating Officer Mark Green had been the startup's interim CTO prior to Niemeyer's hiring. While not a new post, Bowles said the new CTO hire marks the first time Transactly has someone solely dedicated to the role.
Transactly's new round of funding comes as it says it's seen massive revenue growth. It previously said its revenue grew 700% year over year in 2020. While not providing revenue figures for 2021, the startup contended its sales have “well-exceeded” its prior year totals.
In addition to raising new capital, Transactly has expanded with several acquisitions. In June, it purchased Bellevue, Washington-based Moncord Real Estate Professional Services in its largest deal yet. Transactly's headcount includes 65 employees and 112 transaction coordinators that are independent contractors.
