Accelerant invests in startup targeting millennials (Dayton Business Journal)
A new startup has recently made its way to Dayton, and we're happy to have them! The article below, written by Tristan Navara, first appeared in the Dayton Business Journal on February 16, 2016. You can read the original here.
Accelerant has made a new investment in a growing tech company.
Casamatic, a tech startup founded in Cincinnati with the goal of changing the way young people invest in real estate, has landed funds from Accelerant as part of $1.1 million in venture capital to help the company expand its range, Alex Bowman, co-founder and CEO of the company, told me.
The company pulls information from census data, crime stats, school ratings and even media such as Yelp and Foursquare to help prospective home-buyers find available homes that might fit what they are looking for. The tool has the goal of making home-buying easier. The company was started in December 2014 supported by Ocean accelerator, with Bowman and Chris Ridenour — Cincinnati entrepreneurs who had experience with Procter & Gamble, Amazon and local startups. It launched a private beta in Cincinnati last year, and has since launched in both Chicago and Dayton.
Bowman said the company is targeting millennials and ramping up in time for the busy homebuying season which begins in April. It could expand to as many as 20 markets in the mid-term and could go further.
"We bought houses in Cincinnati a few years ago, and we found the process to be frustrating," Bowman said. "There are 10 things that matter most to millennials when buying a house, and we want to help show you the home listings that speak to your interests."
Other funding has come via angel investors, The Brandery in Cincinnati and elsewhere. The company is still learning about the Dayton market, Bowman said, but it has been working out of the Nucleus Co-Share and local coffee shops, something that could change in the longer term, Bowman said.
"We want to be in a lot more cities in short order," Bowman said, adding the company has eyes on hiring more engineers to help it design and launch a mobile app for Casamatic.
Accelerant is a key part of the company's capital, and has invested $400,000 in three tranches for the company, a Dayton Development Coalition spokesperson said. Accelerant has made five previous investments, was $500,000 Blue Ash startup Standard Bariatrics, which looks to make weight loss surgery less invasive.