Turbo, indeed.
The aptly named
got off to a fast start last year, raising a $1.5 million seed round and making its first acquisition all within a month of each other.
Less than a year later, the company got another boost, today announcing the close of its next round of funding: $3 million, led by KGC Capital, who was joined by Ned Jannotta Jr. and existing investors Gary Holdren, Hyde Park Venture Partners, and Hyde Park Angels.
The company, a residential real estate tech company that provides a data-driven tax appeal solution, said it will use the new capital to fuel expansion plans and product development.
“Our vision since inception has been to bring the simplicity of our data-driven appeals nationwide,” said Badal Shah, CEO and co-founder of TurboAppeal in a statement. “This new investment will help us accelerate product and marketplace development considerably. We feel very good about putting money back into homeowner’s pockets.”
In addition to his investment, Gary Holdren has taken a seat on the company’s board of directors.
As it stands, TurboAppeal is currently available to homeowners in certain counties in Illinois, Florida, and Texas, working with more than 25,000 homeowners to save millions of dollars in property tax. The new capital should allow the company to enter several other states, including Colorado, Georgia, Indiana, Maryland, Pennsylvania, Virginia and Washington.
Founded in just 2015, the company uses big data analytics and a proprietary machine-learning algorithm to generate evidence homeowners can use to appeal a property tax, dramatically simplifying the appeal process. And, because it learns as it goes, its algorithm becomes smarter and more accurate with every appeal processed.
Thanks to the new raise, the company said it is projecting to increase its revenue sevenfold.
Image via TurboAppeal/Facebook.
