Setpoint is the latest sum of Ben Rubenstein, former CEO of Opcity and Realtor.com.
The new company, which considers itself a “real estate bar” and seeks to provide technology and money to other start-ups in the energy purchasing sector, went out of secret mode on Tuesday.
The company, called Setpoint, is the latest company from Ben Rubenstein, a serial entrepreneur who previously founded Opcity, a key inspection firm, and served as chief revenue officer for Realtor.com.
Setpoint aims to “allow proptech companies to offer their customers uninterrupted home buying and selling opportunities, including contingent cash offers,” the report said. This specifically means that the company provides a software platform that handles the collection and verification of documents and, among other things, automates parts of the closure process.
In addition, Setpoint provides financing to capital-intensive companies such as Power Buyers to help them continue to close deals. In total, the company secured 615 million. USD of distributed capital that can be allocated to other companies, it said in a statement.
Setpoint was originally launched last year, but remained in secret mode until Tuesday. According to the statement, companies including Homeward, Flyhomes, Reali and Houwzer are already using the Setpoint platform and the company expects to help with 25,000 transactions this year.
Rubenstein is president and co-founder of Setpoint. He was previously the founder of digital marketing company Yodle in 2005 and later in 2015. founded Opcity. Realtor.com later acquired Opcity, and Rubenstein retired as chief revenue officer for News Corp.’s portal.
In an interview with Inman, Rubenstein explained that real estate startups in the Power Buying space are expanding, among other arenas, they need technology to improve their efficiency as well as more capital to finance deals. Setpoint wants to help such companies grow.
“Now the Wild West,” Rubenstein said. “We want to help them standardize.”
Rubenstein added that using Setpoint, other companies can secure the working capital they need faster and more efficiently than if they had to turn to traditional sources of credit.
The Setpoint team also includes Stuart Wall, one of the founders and CEO. Wall described Setpoint as a “real estate bar,” comparing the company to a widely used operations management startup that provides other companies’ websites and e-commerce.
“We are the layer of infrastructure that other people can build on,” Wall added.
While Power Buyers or companies that offer services such as cash-back to customers are one of the most obvious applications on the Setpoint platform, the company can also work with start-ups focusing on other models, such as partial ownership.
“Setpoint is exclusively focused on modern real estate transactions, such as bridge financing, partial ownership and home ownership platforms,” Wall added. “From the very beginning, we have developed our tools for proptech companies that want to offer more innovative services.
El. E-mail Jimas Dalrymple II
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