Today, I’m pleased to announce the completion of a $4 million Series A funding round for Perch. This marks a special milestone in our company’s growth trajectory. It reaffirms our commitment to simplifying homeownership for Canadians and helping them build wealth. Our investors in this funding round include Second Century Ventures, the strategic venture arm of the National Association of REALTORS®; the Ontario Centre of Innovation; and B.E.S.T. Funds.
What does this mean for users?
To our current Perch users, thank you for letting us play a part in your homeownership journey. Whether you signed up to Perch as a first-time home buyer, got a mortgage through one of our advisors, went mortgage shopping and compared rates, tracked your estimated home values or tried our mortgage calculators, we appreciate your belief and support in what we’re building.
This funding will enable us to accelerate growth as a company. This means you can expect to see more enhancements and new features being added to your Perch account in the near future. We’re continuing our mission to make the mortgage application process as transparent and efficient as possible so you can save money. It also means that as we grow and add users, we’re able to hire more experienced mortgage advisors to support you every step of the way.
For now, nothing changes in terms of your day-to-day experience. And your Perch account will continue to be free. As we roll out new tools, you’ll be the first to know what’s coming.
What has been accomplished so far, and what’s next for Perch?
I started my career in financial services, working for a few of the best known, publicly-traded mortgage companies in Canada. When I started Perch in 2018 I knew I wanted to give users access to in-depth, personalized insights throughout all aspects of homeownership. From buying, to mortgage renewals and refinancing I believe it’s important for everyone to make data-driven decisions instead of relying on a salesperson’s opinion.
Today, with thousands of Canadians who have already used Perch to get the insights they need and with over $100 million in funded mortgages to date, I know we’re on the right track. We’ve grown from a team of one, to 20 employees across Canada. We now have over 160 real estate brokerages represented on Perch. And we’ve saved our users, on average, $3,000 per year in mortgage interest.
This brings us one step closer to being the preferred financing partner at the center of a real estate ecosystem this market desperately needs. A model where the real estate agent, wealth advisor, mortgage broker and other related parties all can collaborate to help a client plan for a better outcome over their lifetime, rather than everyone working in a silo on a transactional basis. A system that proactively identifies and personalizes opportunities for clients, rather than boilerplate email campaigns. A process that is transparent and honest, rather than overly complicated and opaque. We want to build an environment where people who care about the client’s well being as much as we do can thrive, not just the parties who have the largest marketing budget.
Thank you for your ongoing support.