Investments from Luge Capital, IDEA Fund Partners, The Social Entrepreneurs’ Fund, the US National Association of Realtors, and others will support making real estate a source of prosperity and freedom for everyone
TORONTO–(BUSINESS WIRE)–Key, a Toronto-based real estate technology company, announced today that it raised $11M CAD ($8.5M USD) in seed funding. The funding round was supported by Plazacorp, N49P Ventures, Red Jar Capital, TSV Capital, Moderne Ventures, and other notable investors.
“The lack of accessibility to homeownership is a growing global crisis that needs innovation to solve. The support given, and the amount of funding raised in our first round further affirms our belief that homeownership should be, and can be, accessible to everyone,” shared Daniel Dubois, co-founder and president of Key. “We’re funded and excited to grow the Key community across North America, and then globally as we raise growth capital.”
Launched first in Toronto in November 2021, Key’s co-ownership model makes homeownership accessible without needing to qualify for a mortgage or save for the typical 20 percent down payment. Key provides the opportunity to co-own a home to live in and build equity from day one, with a small down payment of 2.5 percent of the home’s value, without having to take on a mortgage. Key aligns real estate investor capital with resident capital to underwrite the cost of homeownership, making it more affordable for residents.
“We’re looking forward to supporting Key as they continue their mission of making homeownership accessible to all,” adds David Nault, general partner of Luge Capital. “Key’s growing waitlist clearly shows it is time for a new way to buy and sell real estate.”
“The rising costs of homeownership are being felt across North America,” acknowledges Christopher Langford, partner at IDEA Fund Partners. “Key has created a first-of-its-kind digital real estate platform that provides an accessible and future-forward solution to a massive market need. IDEA Fund Partners is looking forward to growing with Key in making this model accessible to many Americans.”
As Key continues to partner with new property owners and investors, the company will expand its growing portfolio to include single-family homes and townhomes.
“Key provides property owners with a better asset management alternative than straight rental,” explained Rob Richards, co-founder and CEO of Key. “Thousands of people have joined our waitlist, from frontline workers to software engineers, which speaks to the broad and unprecedented demand for a new pathway to ownership. Our tech-enabled co-ownership model makes the benefits of homeownership accessible for so many in the missing middle of our society.”
To learn more about Key, visit lifeatkey.com.
About Key
Key is a Toronto-based real estate technology company founded in 2018. Key has developed the world’s first all-digital, on-demand homeownership platform. With Key’s patent-pending model, renters can become homeowners many years sooner. The model is enabled by property owners allowing owner-residents to contribute as little as 2.5% of the value of their home, without needing to qualify for a mortgage. To learn more, visit lifeatkey.com.
Contacts
Media
Lisa Cimini
Edelman for Key
lisa.cimini@edelman.com