Andreessen Horowitz just led a $43 million round into real estate financing startup Setpoint after seeing this 10-slide pitch deck
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- Setpoint, a property tech startup that provides financing for real estate, has raised $43 million.
- The Series A round was led by US investing giant Andreessen Horowitz.
- We got an exclusive look at Setpoint’s 10-slide pitch deck.
A startup that helps property tech companies and financial institutions provide loans to consumers who want to buy and sell homes in the US has raised $43 million in a round led by Andreessen Horowitz.
New York-based Setpoint, founded in 2021, has developed a SaaS platform that aims to improve access to warehouse lending by digitizing the process away from spreadsheets and paper documents to speed up the process of transacting in the housing market.
Setpoint’s platform enables lenders to track assets and store property collateral, perform document verification, while also operating automated wire transfers from escrow accounts.
“Much time and investment have been spent in fintech innovating on the consumer-facing front-end of these transactions,” Setpoint CEO Stuart Wall told Insider. “In reality, the headwinds are in capital markets workflows behind the scenes that are largely manual and driven by email, Excel, and FTP folders. We make these back-end capital workflows instant and error-free.”
Setpoint provides access to financing for single-family residences (SFR), fractional ownership, and rent-to-own housing and works with property tech companies like Flyhomes. Two of the company’s cofounders Michael Lam and Ben Rubenstein previously founded real estate lead referral service Opcity, which was acquired by realtor.com.
Setpoint’s Series A funding round was led by Andreeseen Horowitz with participation from Stonecroft, 75andSunny, Fifth Wall, 645 Ventures, NextView Ventures, LiveOak Venture Partners, Vesta Ventures, and ATX Venture Partners.
“Venture investors are certainly being more cautious, but in our experience, companies that have found great product-market-fit are getting funding,” Wall added.
“I tell other founders to stay lean and focus on solving problems for customers; once they’ve demonstrated clear product-market-fit they’ll be able to find a capital partner. Going forward we do expect to find great people who were impacted directly or indirectly by tech layoffs.”
Setpoint has aided around 25,000 home transactions to date and plans to hit 100,000 in 2023. Funding will go towards hiring and the development of its lending portal which helps warehouse lenders to examine a variety of asset-backed loan categories and a calculation tool to let borrowers and lenders fund assets in real-time,” Wall said.
Check out Setpoint’s 10-slide pitch deck below: