SERHANT. secures $45M to further develop its AI platform
Ryan Serhant’s eponymous brokerage has been in rapid growth mode this year following the success of the Netflix show “Owning Manhattan,” and now investors want in on the action.
SERHANT. announced Monday that it secured $45 million in a Series A funding round led by real estate venture capital firm Camber Creek and participation from Left Lane Capital.
The investment — which is going to SERHANT. Technologies, the umbrella company that includes the brokerage — will be used to develop the company’s AI platform known as S.MPLE. The company believes S.MPLE will optimize workflows and help scale other parts of its business, including the brokerage.
“Through our best-in-class technology and creative approach and solutions, we are expanding at an unprecedented rate,” Serhant said in a statement. “It is in my DNA to drive creative solutions that service the real needs of today’s salespeople and forge unparalleled innovation. I’m proud to partner with two leading venture capital firms to build upon the great work our teams have done over the past four years.”
S.MPLE launched earlier this year and SERHANT. is pleased with its returns thus far. The company claims the platform has processed more than 1,400 requests and has saved agents more than 5,000 hours of work time. The platform’s net promoter score is 97, with 95% repeat use within five days.
The brokerage side of SERHANT. Technologies has experienced explosive growth since “Owning Manhattan” debuted. In the immediate aftermath of the show’s premier in late June, SERHANT. vice president of strategic growth Todd Sheridan said the brokerage saw a 400% increase in the number of inbound leads for agents and an 88% increase in social media impressions.
The company has capitalized by adding agents and teams at breakneck speeds. Among the additions this year are brokerages in Atlanta, South Carolina and New Jersey.
Camber Creek was founded in 2011 with a focus on real estate and it has almost $1 billion in assets. Among the companies it has invested in are Flex, Bilt Rewards, Proof, Curbio, VTS and HappyCo.
Left Lane Capital was founded in 2019 with a focus on consumer-facing internet and technology companies. Among its investments are Kings League, LOVB, Bilt Rewards, Blank Street, M1 Finance, Wayflyer, Masterworks, Talkiatry, Kittl and Ownwell.
“Ryan and the SERHANT. team are at the forefront of creating a content-to-commerce engine that is transforming the real estate industry,” Jeffrey Berman, general manager for Camber Creek, said in a statement. “By seamlessly integrating cutting-edge technology with top-tier real estate expertise, SERHANT. has created a powerful flywheel effect, driving exponential growth and engagement across their platform.”