Rochelle Park, NJ, June 27, 2012 (GLOBE NEWSWIRE) -- NorthReal, Inc., a NY Metro area real estate tech startup, today announced its initial capital offering to early-stage technology investors in the U.S and abroad. Positioned to be the largest real estate technology start-up to date, NorthReal is focused on raising $280 Million combined venture capital to aggressively rethink and reshape the way residential real estate is transacted. The initial $4 Million investment round will fuel the company's accelerated product development and market expansion at a time when the industry is on the edge of a technology revolution.
"These are exciting times for the industry and we're thrilled to be providing exciting new ways for consumers and Realtors® to experience the real estate transaction." Says Ronald Bovino, Co-founder & CEO of NorthReal, which recently launched in January 2011 at Inman Connect NYC.
"We're developing easy to use applications that enrich the online property shopping experience while delivering new ways to market properties for brokers." Says Michael Haddad, Director of Digital Media, who recently lead NorthReal's advance as a top finalist in Forbes America's Most Promising Companies of 2011.
The residential real estate industry dominates the global economy. Over $1.2 trillion in homes sales were generated in the U.S. alone, according to data published in April 2011 by the U.S. Census Bureau and the National Association of Realtors®. In a 2011 Borrell Associates report, real estate agents and brokers spent an estimated $6.2 billion on residential advertising with mortgage providers, rental property managers and landlords leading the way spending approximately $9.5 billion on consumer marketing in 2010.
"Real estate tech is big play. It's where you'll find the next generation of real estate tycoons." Says Dr. Robert Berberian, NorthReal's Co-founder & COO. "Onshore veteran investors like Marc Andreessen and Ron Conway along with overseas investors like Yuri Milner, are your big deal makers in highly fragmented and disruptive industries like real estate. The first wave of real estate tech pioneers like Zillow® and Trulia® have showed phenomenal growth over the last five years. It's great for NorthReal to be a part of it."
About NorthReal
NorthReal is an information technology company building cross-platform Internet-based software applications for real estate consumers and professionals. We create value by reducing transaction time, enhancing user experience and aiding in the discovery of real property. NorthReal is headquartered in Rochelle Park, NJ and operates PropClip, Kanubee, FetchSparky and BeachBeyond digital real estate holdings.