Real estate tech startup Nada is moving its headquarters to Dallas as it plans to quadruple its workforce » Dallas Innovates
As Nada’s platform helps users buy and sell their homes, the company is moving into a new one this week.
Although it doesn’t travel far — from Uptown to the Oak Lawn neighborhood — the Dallas-based startup that offers an alternative to the commission structure of selling a home is more than doubling its footprint, as it plans to nearly quadruple its workforce over the next year.
“Our focus has always been on how to unlock a lot of this realistic wealth for owners and investors, and help them build and grow it,” said Poorvi Mody, vice president of marketing at Nada.
The startup’s new digs, designed to provide more opportunities for collaboration, will have more than 4,200 square feet of space, up from the roughly 1,600 square feet it previously occupied. The move will help the company grow its workforce from 15 to around 50 by the end of the year. Mody said the new hires will focus on things like real estate, banking, investing and product development.
Nada’s physical growth comes from the fact that it is also strengthening its product offering. After launching its city-specific, index-like product Cityfunds in partnership with crowdfunding investment platform Republic last summer, it has seen investors, accredited and non-accredited, pour in more than $2 million. dollars in its first three Cityfunds in Dallas, Austin, and Miami. The company is expanding into four more cities, including Houston, with the product, which allows people to invest in single-family rental homes and fractionally invest in owner-occupied homes.
“The Cityfunds concept is unique in that we build on the growth of cities,” Mody said.
Now he has his sights set on three other cities, which Mody said Nada chooses based on factors including economic growth and house price indices. However, she added, this investment will be able to be made directly through Nada’s platform, with Utah’s North Capital acting as a secondary market to trade the Cityfunds.
Launch of a new debit card
Additionally, Nada is preparing to launch a new debit card product. In addition to traditional benefits such as cash rewards, Mody said the card will allow users to receive dividends from their Cityfunds investment, as well as allow people who have purchased a home through the company’s platform tap into the equity in their home.
“The type of debit card does double duty for homeowners, where you can get your home equity and a debit card on the spot, and then you use it for whatever you want,” said said Mody.
Nada launched in 2019, quickly gaining traction through Google Cloud for Startups and UT Austin Texas Venture Labs programs. It merged in 2020 with SubZero Realty with the goal of consolidating all real estate industry verticals under one brand, allowing users to pay nothing to sell or close a home. So far, the company has raised approximately $3.4 million from backers like Global Millennial Capital and through crowdfunding efforts on the Republic platform.
New round of funding “in the coming weeks”
And the company will likely raise more soon. While declining to disclose specific amounts, Mody said the company expects to close a Series A funding round “in the coming weeks.”
This new funding will help propel the future growth of Nada, which is expected to total approximately 30 Cityfunds in total in the United States and abroad.
“As we build our product, you’ll see where we keep a two-sided market in mind,” Mody said. “There’s the owner, there’s an investor, and there’s clearly a big overlap between…audiences.”
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