US proptech Setpoint lands $43m Series A
US proptech Setpoint has closed a $43 million Series A round led by Andreessen Horowitz.
US proptech Setpoint closes $43m Series A
The round, which saw participation from Stonecroft, 75andSunny, Fifth Wall, 645 Ventures, NextView Ventures, LiveOak Venture Partners, Vesta Ventures and ATX Venture Partners, will see Setpoint invest in its software engineering and customer-focused tools for real-estate transactions.
Setpoint CEO Stuart Wall says that behind buying and renting homes is a “complex system” of trust and credit, underpinned by warehouse lenders and firms that originate loans. But these transactions are powered by email, Excel, paper documents and software developed in the 1980s.
“In less than a year, Setpoint has made significant headway solving this problem within proptech, leading to tens of thousands of home sales, which we expect to more than quadruple in 2023,” Wall adds.
Setpoint’s infrastructure for real estate and asset-backed lending is designed to make buying, selling and renting a home easier. The platform verifies and stores documents, automates interest rate calculations and digitises assets such as cars and homes.
Setpoint’s ultimate mission is to make credit more widely available and the underlying assets and loans “more liquid”.
The firm says it will continue to focus on relationships with borrowers and lenders to make transactions “instant, automated, and error-free” and has plans to expand outside of real estate by powering all asset-backed lending.
