embera Salt Lake City, UT-based real estate proptech company raised $17.4 million in funding.
The round was led by Peter Thiel with participation from Pando Ventures.
The company intends to use the funds to expand its operations and business reach.
Founded by CEO Kurt Avarell (Canopy, Milbank), CRO James Sukhan (Qualtrics, Podium) and CXO Jeff Lyman (Nike, Vivint), Ember is a proptech real estate company reinventing the vacation home experience through technology, service and condominium. The company streamlines every step of the vacation home ownership process, from buying to planning each stay with the owner app, and enhances the experience with a personal in-market concierge who handles everything from services to amenities. ‘home maintenance.
It is based on four main pillars:
(1) purchase and/or construct professionally designed, high-end vacation homes in destination locations;
(2) create a property-specific LLC so that the house can be purchased in stock by the co-owners at a fraction of the total price of the house;
(3) streamline vacation home ownership by removing the burdens of a second home and instead providing high-level property management and a carefully designed app that focuses on the experience; and
(4) increase the accessibility of holiday homes to many more people.
The mobile app uses a proprietary scheduling algorithm to ensure co-owners have fair and just opportunities to enjoy the property. The app and website allow buyers and owners to browse vacation properties for sale, view and pay expenses, and gain direct access to their dedicated Ember Concierge in the marketplace.
Although Ember acquires existing properties, the company is focused on building homes designed for condominiums. On average, the total price of Ember homes ranges between $1.5 million and $5 million, with individual shares ranging from $100,000 to $500,000. Homes often feature private amenities such as swimming pools, hot tubs, entertaining areas, as well as value-added perks such as dedicated owner storage, professional interior design, and amenities. high-end appliances and finishes. Ember also takes care of the upkeep and management of the home, so homeowners get a worry-free, elevated second-home ownership experience without the hassle of cleaning, maintenance, and repairs.
The company is growing rapidly focusing on 20 markets in 10 states with listings now in destinations like Bend, Oregon; St. George, Utah; Santa Fe, New Mexico; and more. Consumer financing will be available this year through the platform.
Previous investors have included former Vivint Smart Homes CEO and Founder Todd Pedersen, former Progressive Leasing CEO Ryan Woodley, and Progressive Leasing Founder and Chief Innovation Officer Curt Doman.