Silver Homes Technology announced that it has secured a startup loan from the Business Development Bank of Canada, the country’s only bank devoted exclusively to entrepreneurs.
The Vancouver-based company provides an artificial intelligence-based solution designed to automate and optimize the management of a real estate portfolio. BDC’s loan is valued at $250,000 and will aim to “fund the current product development roadmap and support future growth plans,” according to a statement from the BC startup.
“We are very pleased to be partnering with BDC at this stage of our journey, and we are grateful for the support received,” said Juan Leal, founder and Co-CEO.
“This loan will be foundational to accelerate our current product roadmap from 12 months to six months,” he added.
“BDC is pleased to be supporting Silver Homes in its continued growth,” commented Thomas Jordan of BDC. “Silver Homes is a great fit with our mandate of helping Canadian entrepreneurs realize their potential with early-stage financing.”
According to Silver Homes cofounder Carlos Leal, the startup has already exceeded its target for the year, building a sales pipeline of over 40,000 properties, which is equivalent to $6.4 million in annual recurring revenues.
“With the Start-Up Loan from BDC, we’ll be able to expand the customer success and account management functions to better support the clients we are currently onboarding,” he said.
Silver Homes’ vision is to become the leading property management solutions provider that empowers property managers to optimize their real estate portfolios with minimum human intervention.
The startup is a top 15 New Ventures BC Competition finalist.