DUBLIN, Ohio (COLUMBUS BUSINESS FIRST) — Crawford Hoying, one of Central Ohio’s most prominent real estate development firms, led a $6 million investment round in reAlpha, a technology company launching a platform to allow users to invest in the $1.2 trillion short-term rental market.
The $6 million will be used to accelerate Dublin-based reAlpha’s growth, including investment in its platform, data science function, and engineering capabilities, according to a news release. The proceeds will also go towards expanding reAlpha’s member network, operations, and geographical presence.
According to its website, reAlpha uses AI to generate properties that are the best investment opportunities on the market. The AI scores properties on various factors to predict the viability of individual properties for the short-term rental market as well as projected long-term value. The properties with the highest scores are then listed on reAlpha’s digital marketplace app.
The platform allows consumers to benefit from the short-term rental income as well as the increase in property value from renovations and appreciating market conditions, the release states. Investors can buy equities in specific property, which will provide “meaningful wealth generation opportunities” through short-term income such as Airbnb and equity-driven capital appreciation, according to the release.
“ReAlpha’s data-driven approach is a paradigm shift for the short-term rental investment market. The proprietary technology developed to identify, acquire, and market properties with lower risk is a big leap. We strongly believe in the team’s conviction and vision to scale this into a leader in this space,” Brent Crawford, principal at Crawford Hoying, said in the release.
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