New York, NY — October 17, 2022 — REcolorado has made a venture investment in Perchwell, adding to the $15 million Perchwell raised in 2021 in their Series A round led by Founders Fund.
Perchwell’s platform streamlines daily workflows for residential real estate professionals. In contrast to the industry’s legacy technology products, Perchwell is an end-to-end solution with web and mobile apps that power agents’ core workflows. Additionally, Perchwell facilitates plug-and-play interoperability with other technologies through its APIs.
“Interoperability is critical to building a modern tech ecosystem in real estate and we believe the MLS can be the central data hub at the ecosystem’s foundation,” said Brendan Fairbanks, Perchwell’s founder and CEO. “Perchwell’s API layer enables MLSs to easily bring innovative products to their membership while also improving data integrity, standards, and transparency.”
Perchwell and REcolorado believe there is a significant opportunity to level up the technology agents rely on, empowering them to provide high-level service to more consumers and grow their businesses as a result.
“We continually strive to arm our subscribers with the best tools to deliver the most value to home buyers and sellers,” said REcolorado President and CEO, Gene Millman. “Technology and data are core to our strategy, and we are thrilled to have found a business partner who shares our vision for how it can best serve our industry. We believe deeply in what Perchwell is building and we are glad to be joining forces with them as both a customer and investor in driving innovation in real estate.”
Perchwell first launched in New York City, quickly becoming the technology platform of choice among the city’s top local and national brokerages. The Real Estate Board of New York (REBNY) subsequently selected Perchwell to power its Residential Listing Service, NYC’s de facto MLS. Perchwell has powered REBNY’s Residential Listing Service since 2020.
“As we expand geographically, we are forming partnerships with many of the most progressive MLSs in the US to reinvigorate their technology offerings. We look forward to working with the REcolorado team in building a cohesive technology ecosystem that empowers agents to provide the highest level of service to consumers,” said Fairbanks.
“The real estate industry is evolving at an accelerating pace and our subscribers need access to the best tools to compete in today’s market environment,” said Millman. “At REcolorado we are laser focused on meeting those needs and catalyzing innovation that serves both professionals and consumers. A key piece of our strategy is to work with partners like Perchwell to provide not only best-in-class workflow tools, but also a data platform that will support continued innovation.”