- Ownwell wants to make it easier for property owners to reduce and manage their property taxes.
- First Round Capital led the startup’s $5.75 million seed round.
- Ownwell currently operates in Texas, California, Washington, Georgia and Florida.
Property taxes can be a huge headache for many property owners, and real estate tech startup Ownwell aims to help ease that pain.
The Austin, Texas-based startup helps commercial and residential owners reduce and manage their taxes. Ownwell CEO Colton Pace said the idea behind the startup was to make real estate ownership “clearer and fairer”.
Pace said the company uses machine learning models comparing a user’s property with others in the area to find people paying more than their fair share of taxes. Ownwell also employs property experts in the area to help reduce tax bills.
“We believe that regardless of expertise or financial status, everyone should have access to the information, tools and resources to manage their property taxes like a professional,” he said in a statement sent. by e-mail.
Ownwell recently closed a $5.75 million seed round led by First Round Capital, with other investors including Wonder Ventures, the Founder Collective, Long Journey Ventures and Scott Banister, a former board member of PayPal.
Pace said the company “handles the entire appeal process on behalf of landlords and charges the lowest fees on the market today.”
This means that users get savings estimates on their property based on sales data in their area. And if similar homes pay less tax, the information can be used to build a case if the owner disputes the property assessment. The company said about nine out of 10 protests on its platform are successful, with an average saving of $1,457.
Ownwell currently operates in Texas, California, Washington, Georgia and Florida, but plans to expand its geographic reach. Its latest fundraising would increase the hiring of its product, engineering, sales, operations, customer success and real estate teams.
Here’s an exclusive look at the pitch deck Ownwell used to convince investors like First Round to invest in his seed round: