Dear Prospective Investor,
Thank you for visiting this page! We have put this page together to try and answer some of the basic investment questions.
In one sentence tell us what your company does:
HouseKeys is an online marketplace and administration platform for community and economic development programming (e.g. affordable housing and specialized lending programs) that connects everyday households (with working and middle class incomes) to programs provided by government, quasi-government and non-government entities.
What traction do you have?
We completed the initial build-out of our platform and internally utilized it to tackle basic program administration tasks. This enabled us to scale to 5 city clients and increase revenue from approximately $300,000 in 2015 to over $2M in 2017. Our goal now is to complete the build-out of the marketplace component of our platform and launch a public relations and marketing campaign to expand our footprint.
Who is your customer and what problem does your company solve?
Our solution serves both the entities that provide programs to targeted households and the targeted households applying for program opportunities. We drastically reduce the acquisition and administration costs for program providers and increase access and availability for program applicants. Additionally, we make the application process and ongoing operations a lot more efficient by providing user interfaces to 3rd party stakeholders, provide educational content for all parties, and add impact and bench-marking metrics using data analytics.
How do you know users need the product you are offering?
Even with an extremely limited and cumbersome minimum viable product, we've been able to improve upon the conventional user experience on both sides of the marketplace. In recent months, we've turned our attention to weekly metrics that track user experience and client outcomes. We're also seeing a major uptick in user registrations as we begin our modest pre-funding outreach campaign. In addition to the small gains we've seen internally, our key program area - affordable housing - has seen a major uptick in media outlets and in policy conversations. HouseKeys has an opportunity to be the single most important brand in the housing sector if capitalized properly.
Who are your competitors and what is your competitive advantage?
There is a growing cottage industry that focuses on "program stewardship" and also serves local government clientele. These stewardship entities (e.g. housingtrustsv.org and hellohousing.org) exist throughout the U.S. and are well known in the government, quasi-government and nonprofit sectors. There are also online program aggregators and administration platforms (e.g. downpaymentresource.com and myhomekeeper.com) who are well-known and whose platforms are utilized by many stewardship entities. Our competitive advantage begins with a brand that appeals to the consumer public. This will enable us to gain traction with a much larger pool of applicants and prove the viability of our low-cost acquisition model. Our “war chest” of educational content in the affordable housing, affordable lending and community development arena, allows us to capitalize on the search engine optimization strategies employed by successful companies like NerdWallet. Our model begins with a consumer profile that is independent of the application file. Not only does this approach allow us to create a one-to-many service that our customers can use to apply for an unlimited number of programs, but it also creates a long-term relationship that reduces churn and increases referrals and "shares" to other prospective applicants within our client base’s online networks. In addition to our patent-pending model and proprietary content, our biggest advantage comes from the industry expertise that we’ve combined with our in-house technology team. From day one, HouseKeys has committed to building a software platform from the ground up, that incorporates analytics, database development, and API programming – to create an unprecedented level of coordination across the full program spectrum – or what we call the “Programmatic Universe.” I would hold the HouseKeys’ technology solution up against any of the competing technologies in the marketplace. This will be the driver of our success for years to come.
To quickly answer some up-front questions about the funding round:
- Total Raise Amount: $10,000,000
- Remaining Amount of the Raise: $10,000,000
- Estimated Timing to Close: TBD
- Minimum Investment Allowed: $2,000,000
- Pre-Money Valuation: $50,000,000
2016 Revenue: $559,307 | 2017 Revenue: $2,368,411 | Run Rate Revenue: $2.7 Million