GESSEL advises SonarHome on venture debt financing
GESSEL provided comprehensive legal support to SonarHome and its founders in obtainment of venture debt financing for expansion of its operations in the ibuying model.
SonarHome (sonarhome.pl), a Polish start-up launched by Mateusz Romanowski (the creator and former CEO of Allani), is the first entity in the market which enables real estate owners to sell their homes via the ibuying model. SonarHome steps up to buy the property itself, directly from the private seller of from a real estate agent, and immediately pays to the seller a price reflecting its market value; it then sells the property on, in the open market or directly to institutional investors.
In valuating a property, SonarHome relies on advanced algorithms, crunching data from what is at the moment 50,000 transactions in the real estate market and hundreds of thousands of offers assembled over the past 3 years. Prospective sellers benefit from a free-of-charge tool enabling them to estimate the price.
“Sale of a home is a major decision, and a difficult one. Apart from that, the very process can be a drawn-out, tiring one, and customers often do not know how much their property may be worth. We are out to change this situation. We started out with a free-of-charge home valuation tool, and few months ago we launched a new formula for sellers employing the iBuying formula. Our clients appreciate the intelligence provided by us regarding current home prices, which assists them in decision-making. The funding presently secured will be used to purchase properties and will enable us to take our services to a larger number of home sellers.”
– Mateusz Romanowski
“We are very happy to have supported SonarHome in obtainment of next-round financing. SonarHome brings a highly innovative model to the Polish market, marrying bricks-and-mortar assets with cutting edge technology. As a law firm with robust experience in both these fields, we were able to guide the project to a successful conclusion.”
– Michał Bochowicz
Managing associate, GESSEL