Avenue 8, a mobile-first residential real estate brokerage built for agents, has launched after raising $4 million in seed funding led by Craft Ventures, Zigg Capital and Good Friends, the early-stage fund from the founders of Warby Parker, Harry’s and Allbirds that invests in businesses with a consumer lens.
Designed from the ground up to be efficient and user-friendly, Avenue 8’s subscription-based model gives agents the tools and support they need to be successful and enables them to keep more of their commission, the company says. After a beta rollout in the San Francisco Bay Area and greater Los Angeles markets, Avenue 8 will put the funding toward further platform development and expansion into New York and other major markets.
“Real estate agents have been beholden to an age-old brokerage model that elevates infrastructure over individuals and radically underserves their interests. The tide is now turning; agents know it and are looking for a better way,” said Justin Fichelson, co-founder and CEO of Avenue 8, and former residential real estate agent. “Avenue 8 empowers agents to be more entrepreneurial, giving them the tools they need to be successful and drive better outcomes for their clients.”
Platform features include market data and analysis, integrating with multiple MLS data feeds; marketing automation and a valet program, a vetted team of designers and vendors that manage the staging and renovation process from end-to-end, with no upfront cost. Sellers only pay for these services once their home is sold.
“Most new real estate platforms have shifted the power to buyers, or completely cut out the agent — who we feel remains at the center of the real estate marketplace,” said Michael Martin, co-founder of Avenue 8. “Avenue 8 gives power back to the agent with a full-stack platform and the tools they need to accelerate growth, close transactions from anywhere, and keep more of what they earn.”
