Spark RE Technologies has closed a USD5 million Series A investment round led by BDC Capital and Pender Ventures.
Spark was founded with the purpose of streamlining the entire sales, marketing, and management process for real estate developers. Today, Spark is the fastest growing and only comprehensive sales transaction platform in the new development space.
“This is a huge step for both Spark, and the industry. From day one, we have always strived to provide tangible value to our clients. As a direct result, we’ve seen developers sell out projects 3x faster, simply by implementing our platform. Another advantage is the ability to execute hundreds of contracts completely digitally in a single day,” says CEO and Co-founder Simeon Garratt. “Our intention is to own the entirety of new development transactions, both in North America, and globally.”
Originally created as an industry-specific CRM, Spark is transforming the way new multi-family real estate is sold by offering a comprehensive suite of products that eliminates the need for multiple platforms. Top Real Estate Developers and Project Marketing Firms across North America use Spark to sell their projects more intelligently resulting in the company’s accelerated growth over the past two years — doubling in both annual revenue and headcount.
“Real estate is one of the largest sectors worldwide, yet there is still substantial friction and administrative burden in managing the sale of new properties,” states Mark Trevitt, Partner at BDC Capital who is joining the company’s Board of Directors. “We were attracted to the team for their deep understanding of their customers’ pain points. Spark provides the ideal combination of user-friendly software and data management that property developers need to keep their projects running smoothly and create a seamless experience for buyers.”
“Through a relentless focus on delivering best in class solutions tailored for the new development industry, Spark has quickly risen to a global leader in the space,” says Kenndal McArdle, Principal at Pender Ventures. “We’re excited at the opportunity to support the Spark team and help bring to market further innovation that empowers the entire ecosystem.”
With over 60,000 new projects per year in North America alone, there has yet to be a dominant player in the market. Spark’s consistent development of industry leading features and increasingly prominent clients, positions them perfectly to become the principal player in this fast expanding market.
Scott Kaplanis, Managing Partner at GroundBreak Ventures, says: “Covid has forced builders and developers to reimagine antiquated internal workflows and a clunky client experience. Spark’s comprehensive platform vastly improves both with one seamless implementation that ties all elements of project management to the end client.”
“The industry opportunity for Spark is massive and our product-market fit uniquely positions us to capitalise on the continued digitalisation of the real estate industry. We are now working in over 80 cities globally and have powered the sale of more than $100 billion in inventory,” explains Garratt. “It’s an incredibly exciting position to be in, and we’re just getting started.”
