Gravy, a mobile app that helps renters become homeowners, has raised $2.6 million in seed funding. The investors were not named.
St. Louis, April 26, 2022 – Gravy, the mobile app that helps renters become homeowners, today announces its launch out of beta and a $2.6M seed round. The company aims to be the destination where all 100M+ renters in the U.S. save money to buy their first home and learn how to successfully navigate the homebuying process. Gravy’s flagship feature, Gravy Rewards, is a first-of-its-kind loyalty program where members can earn money toward their future home purchase. When Gravy members are ready to buy, they connect with Gravy’s national network of real estate agents and lenders who specialize in helping renters purchase their first home.
Each month, Gravy members earn five percent of their rent, typically their largest expense, in rewards. Rewards can also be earned for taking homebuyer education modules, hitting saving milestones, and referring friends. These funds are stored in a digital rewards wallet, and because Gravy’s singular goal is to help its members achieve their dream of homeownership, Gravy Rewards can only be redeemed when buying a house –– not on other expenses. Members can also open a free FDIC-insured savings account, or house fund, to save for their down payment and track progress toward their house goal.
To date, Gravy’s members have set more than $100M in goals for their first home purchases and Gravy has issued over $4M worth of rewards.
Gravy members can opt-in to a Gravy+ subscription, which makes it easy to earn rewards more quickly, receive gifts from family and friends into their Gravy Savings Account, and track their unique mortgage credit score.
When renters are ready for help finding and financing their new home, they can easily connect via the app with one of over 100K agents and lenders in the Gravy network. Gravy’s partnership with the leading brokerage group in the country, Realogy, matches members with agents from some of the most recognized names in real estate, such as Coldwell Banker and Century 21, as well as accredited national mortgage lenders. Gravy’s member success team is also available to answer first-time homebuyer questions in the app.
“Homeownership is the primary way Americans build wealth, but between surging rents and home prices, it’s never been harder to buy your first house,” says co-founder and CEO Jeff Dinter. “We started Gravy to help renters save up, prepare, and ultimately buy their first home with confidence.”
The founding team – including Will Dunn (CGO) and Jimmy Lien (CTO), alumni of rental property management software company Buildium – witnessed firsthand how few tools exist to help renters navigate the path to homeownership. On the other hand, the traditional homebuying industry is catered to mortgage-ready buyers that manage to save for a down payment and optimize their borrower profile on their own. Gravy bridges this gap between renting and buying for aspiring homeowners.
Gravy’s mission is to make homeownership more accessible for all. Founded in 2021 by Jeff Dinter, Will Dunn, and Jimmy Lien, Gravy enables renters to save for a down payment, earn rewards toward their future home purchase, learn about the homebuying process, and ultimately find and finance their home sooner. Gravy partners with agents and lenders who specialize in first-time homebuyers at some of the most recognized national names in real estate. The company has raised $2.6M in seed funding from technology and real estate investors. The Gravy app is available nationwide for all renters. For more information, visit gravy.co. For brand assets, visit gravy.co/brand.