Buzzing Properties Raises $8.1M To Take On House Companies Market With Latest $5.6M Seed Spherical Led By Greycroft
NEW YORK–(BUSINESS WIRE) – Humming Homes, a technology-enabled property management solution for single-family homes in suburban markets, announced today that a Greycroft-led $ 5.6 million seed increase involving AlleyCorp, Thrive Capital, Sound Ventures, New Valley Ventures, and prominent angel investor Abby Miller Levy.
Founded by Adeel Mallick, CEO, Kyle Carnes, Head of Operations, and serial tech entrepreneur Kevin Ryan, Chairman of the Board, Humming Homes is committed to making home ownership easier and more enjoyable. With the aim of becoming the most trusted home services partner in the country, it has developed an end-to-end management solution based on software for single family home owners. With a digital-first experience, dedicated personal home management teams with a single point of contact, live support around the clock, and data and insights to avoid reactive and expensive home maintenance problems, the system is designed to revise its importance as owning a home own and maintain.
The financing will fuel Humming Homes’ continued growth as the company seeks to expand beyond its original Northeast markets and provide a modern alternative to the established home service providers.
“Seasoned homeowners know that managing a home is like having a second job. Homes require constant maintenance, from landscaping to seasonal cleaning of HVAC, chimneys, windows, and siding. Homeowners have a long list of contractors and suppliers, and you never know if prices are fair, ”said Ian Sigalow, co-founder and partner at Greycroft, who will join the board. “Humming Homes solves the problem of how difficult it is for most people to manage their most valuable asset – their home.”
According to The National Association of Realtors, 40% of all single-family home purchases between 2020 and 2021 were made by those under the age of 40 and more space shows no signs of quitting.
“We have the youngest consumer, the most tech-savvy and, from a generation perspective, the least equipped to manage a home in terms of time and experience available. Today’s first-time homeowners have limited resources to help them transition from renting to home, ”said Adeel Mallick, CEO of Humming Homes. “More importantly, 68% of all US households now have a double income, which means that the burden of managing all aspects of home maintenance and improvement is very likely unevenly distributed among already strained homeowners.”
Although the home services market accounts for over $ 500 billion in consumer spending, according to a recent study by Angi, there has not yet been a category winner. Humming Homes is focused on providing a homeowner-first solution with an initial target customer base of the “mass affluent” – single-family homes valued at more than $ 750,000 and in dense, sought-after home markets such as The Hamptons, Greenwich, Westchester, Miami, Fort Lauderdale , Greater Los Angeles, Scottsdale, and Texas (Austin, Houston, etc.).
“This is a huge opportunity – the average homeowner in the US spends 1% to 2% of their home value annually on maintenance and improvement,” continued Mr. Mallick. “Our target audience, which is only 10% of all households in the US, spends nearly 50% of the total household services market. Homes are inherently complex and the next generation of homeowners will need more than just a patch or a set of inherited vendors to help – and this is where we want to turn the status quo on its head. ”Humming Homes has been around since the services were launched Grown rapidly in October 2020. It now operates in markets across the tri-state area including The Hamptons, NY, Westchester, NY, and Greenwich, CT, and manages $ 500 million of home worth.
They also recently entered into a strategic partnership with Douglas Elliman (“DE”) for additional access to sales during the property purchase process, facilitated by an investment from their venture arm New Valley Ventures. Humming Homes will partner with DE to launch in additional tri-state markets in the coming months as well as the South Florida area including Miami, Palm Beach and Fort Lauderdale later in 2021.
Humming Homes was founded in early 2020 and incubated with AlleyCorp, a venture capital firm and studio led by Kevin Ryan (previously raised $ 2.5 million). The latest funding brings the total capital to $ 8.1 million. The company’s founding team has a background in real estate, on-demand marketplaces and technology-enabled services.
About Humming Homes
Humming Homes reinvents property management for the modern homeowner. On the way to becoming one of the most trusted home operators in the world, the company is creating a new category of end-to-end property management that uses data and insights to avoid reactive and costly home maintenance problems. It has developed a technology-enabled solution for single family home owners with a digital experience that offers a dedicated personal property management team with a single point of contact for 24/7 support. For more information about Humming Homes, please visit www.humminghomes.com.
