SAN FRANCISCO, March 2, 2022 /PRNewswire/ — InspectHOA, a company that is revolutionizing the homeowners association (HOA) component of real estate transactions, today announced a $3.1 million Seed funding round led by SVQUAD, with additional investment from Inventus Capital Partners, CEO and co-founder of DevRev Dheeraj Pandey, and other leading angel investors. This is the first outside investment in the company, which started operations in 2020.
Difficulty obtaining HOA information is the most inefficient part of the real estate closing process. Real estate transactions are routinely diverted or delayed due to missing, late, or incorrect HOA information.
InspectHOA’s powerful blend of industry expertise and technology supports the entire HOA process, enabling title companies, lenders, and institutional investors to close on time and create happier outcomes for their clients. InspectHOA has the largest HOA database in the market and a technological process to obtain new HOA information. The company facilitates thousands of transactions per month. Its clients include Better, EasyKnock, Endpoint, Homeward, Spruce and others in the securities, lenders and investors space.
The new capital comes at a pivotal time of growth for InspectHOA and will help fund new product development and hiring efforts to increase market adoption and revenue. The company experienced 10x revenue growth in 2021 and plans to quadruple revenue in 2022.
HOAs were created to connect communities, but because they’re often community-driven and not tech-enabled, it’s extremely difficult to quickly collect accurate and up-to-date information,” said Vishrout Malhotra, co-founder and CEO of InspectHOA. “We constantly hear from our clients that HOAs not only extend transaction time, but involve complexity, numerous follow-ups, and the pursuit of multiple parties. This creates risk and inefficiency – and can ultimately derail a transaction. We have the largest HOA database in the industry, and we have a state-of-the-art team that can find missing or new information quickly and efficiently.”
“The effortless efficiency that our technology offers customers makes them feel in control of the outcome of the transaction; empowered by a job well done; relieved that they no longer have to bear the burden of the HOA; and appreciated because they create happier outcomes for their customers,” added Anton Tonevco-founder of InspectHOA.
“Given the digital transformation happening across all verticals, InspectHOA solves several critical problems in the very large HOA market. HOAs are one of the few areas of real estate transactions that still need to be automated and standardized. is also a tremendous beachhead marketplace, unlocking billions of dollars in future monetization potential. InspectHOA has great traction with title companies, lenders, and investors, and we couldn’t be more thrilled to be a part of their trip,” said BV Jagadeesh of SVQuad.
“InspectHOA has been an instrumental partner in mitigating risk and creating efficiencies in our acquisition process. They are the solution to a historical problem that title companies and other vendors also face in every transaction. consistently provide accurate and timely service, communicate proactively, comprehensively resolve issues, and recommend relevant process efficiencies and automations to create additional efficiencies.” Scott YoungVice President of Property Management at EasyKnock.
Other angel investors include Rahul Chaudhary (Co-founder of Treebo Hotels), Tushar Garg (Co-founder and CEO of Flyhomes), Elvin Gouri (Managing Partner and CEO of Empower Capital), Kanav Hasija (Co-founder of Innovaccer), Karan Kumar (Sales Director at Talend), Oktay Kurbanov (Associate at Climate Finance Partners), Nitin Malhotra (Board Member of IIT BHU), Hristo Manov (Chairman of the Board of Teach For Bulgaria), Plamen Monovski (Director at Ledger Capital).
InspectHOA was co-founded by Vishrout Malhotra (CEO), Anton Tonev (head of business development), and Atin Hindocha (Operations Manager). Its mission is to make sure HOAs never come between a buyer and their dream home. InspectHOA works with clients such as title and escrow companies, lenders, real estate attorneys, iBuyers and other real estate investors. By managing the HOA-related portion of the real estate transaction, the company helps deals close faster, which means buyers can quickly move into their dream home. The company plans to launch solutions for HOAs in the first half of 2022. The company has a presence in the United States, Bulgariaand India. To learn more, visit https://inspecthoa.com/.