Today, Mave, an artificial intelligence (AI) assistant for the real estate industry, has announced the successful completion of a $2 million pre-seed funding round and the launch of its beta program for agents and brokers.
The funding round was completed in a few weeks and was led by Relay Ventures and N49P, with additional investments from Alate Partners, Clarim Ventures, Gambit Partners, as well as various angel and strategic investors, including a former president of the Toronto Real Estate Board.
Mave’s journey to today
After working as an executive assistant for agents in the Greater Toronto Area (GTA) and recognizing the challenges agents face, Mave founder and CEO Raz Zohar identified a gap in the industry. Despite brokerages attempting to support agents, the diminishing commission splits per deal often leave agents without the necessary resources for dedicated backend assistance.
This led to the inception of Mave, driven by the advancements in AI and large language models (LLM).
“The real estate industry has seen minimal change in recent years. Many brokerages turn to existing tools for modernization, but these tools can be overwhelming for agents. Mave is the first solution that effectively addresses the industry’s core challenges in a user-friendly manner,” said Alex Baker, managing partner at Relay Ventures.
Its current state
Mave currently employs a team of 10 and has garnered interest from over 6,000 real estate agents across 90 brokerages in the GTA. From this pool of potential users, Mave has selected 1,000 for the initial phase of its beta program.
Through partnerships with real estate boards and data providers, Mave has secured access to extensive market data and property information. The AI assistant utilizes this data to provide agents with market insights, enabling them to promptly respond to client inquiries and deliver superior customer service.
“With the funding secured, we are expanding our development to position Mave as a full-time assistant. It will streamline back-end administrative tasks, from organizing open houses to finalizing contracts, more efficiently than ever before,” said Zohar. “We believe in Raz and his team and are confident that this is the right approach for the industry,” added Baker.
How Mave works
Agents can text questions to Mave, such as “What is the price per square foot of homes in “X” postal code?” Mave can then automate backend tasks like creating social media posts, marketing materials, emails, and presentations in seconds.
The product seamlessly integrates into existing workflows, allowing agents to interact with the AI assistant via text messages to accomplish tasks.
Use cases
Agents testing the platform have reported daily wins and shared various use cases that have exceeded expectations. For example, one agent secured a listing within 24 hours by using Mave to respond promptly to client inquiries and price the property accurately.
Another agent optimized a listing using Mave, resulting in 11 showings in a week. A third agent utilized Mave for an Instagram campaign that led to a sale $100,000 above the asking price.
PSR Brokerage, one of the initial Mave beta customers, has seen 60% of its agents actively using the AI assistant at least six times a week within the first week of signing up. “Mave has provided us with the perfect solution to meet our clients’ high expectations effortlessly,” noted Joshua Chisvin, VP of resale, partner at PSR Brokerage.
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