Plunk: Home renovation valuation app raises $6.5M
Launches in Seattle: Plunk, an iOS mobile app developed to help homeowners make market-driven decisions about home renovations announced in a press release that it has raised $6.5 million in seed funding.
A number of groups contributed to the round led by Seattle-based Unlock Ventures, including Sony Innovation Fund, Plug and Play Ventures, Vectr Fintech Partners, and Second Century Ventures (the strategic investment arm of the National Association of Realtors).
Inman was provided an early look at the app for a review that will publish later this summer. The funding will be used to further hone the app’s first national iteration.
Plunk is currently available for Seattle-area homeowners, where the company is located.
Plunk’s approach includes dynamic comp searches to allow homeowners to understand how the return on their renovation will fit with active and recently sold listings. The proprietary Plunk Value provides users with an estimated market price on their home after improvements have been completed.
Agents can use the app to help seller clients understand what sort of work on a home would best help for market positioning, similar to Lens by Compass.
Users can upload their property to the app and apply an initial “Condition Score,” not unlike the process many iBuyers use to assess customers’ homes. Homes can be classified accordingly: Disrepair, Economy, Stock, Semi-Custom, Custom, Luxury.
The app also takes into consideration regionally driven data, such as how local industries, retail growth, population and major workforce centers affect a home’s value.
News of the capital raise follows the recent announcement that Plunk has been selected as one of eight companies for the 2021 Reach scale-up accelerator program by Second Century Ventures.
“Our homes are our largest financial asset and we provide the trusted advice to get the most out of them,” said Plunk co-founder Brian Lent in the release.
Lent co-founded Plunk with David Bluhm. Collectively, the founding team’s experience spans real estate, data science, enterprise software, and startup leadership.