🦄 Unicorner Startup of the Week:

Abode

✍️ Notes from the Editors

Today’s article is brought to you by THELAB. Founders: we know your deck sucks. THELAB is your pitch and raise source to get you funded.

If you own a home in America, this week’s article is for you.

Owning property comes with a whirlwind of financial responsibilities, but it doesn’t have to be hard. Just like an accountant can help with optimizing your personal finances, Abode can analyze various property expenses (like property tax and insurance) and find less expensive options wherever possible. The fact that it comes at no upfront cost is pretty compelling!

Also, just a quick temperature check:

- Arek and Ethan 🦄

Home ownership on autopilot

Abode is a digital manager for your home. It makes home ownership more affordable and helps homeowners save money on home finances starting with property tax, insurance, and energy costs. They analyze expenses and negotiate with other providers to lower costs and find savings. As the company says: users do the living, and Abode does the savings.

🔗 Check it out: ownabode.com

💰 Business Model

Abode is free to use. It charges users when it achieves savings, making Abode’s revenue tied directly to homeowner savings.

📈 Traction and Fundraising

• Raised an undisclosed amount of funding from Drive Capital, Goodwater, Sequoia Scout Fund, a16z Scout Fund, Uncommon Denominator, Outside VC, and Correlation Ventures

• Working with angel investors and advisers, including the Founder of Thumbtack, Founder of M1 Finance, Founder of Triplemint, Founder of Doma, Founder of Pivotal Software, Founder of Inspectify, Founder of Home61, Founder of Hallow, and the #1 Brokerage at Compass

📖 Founder Story

Abode CEO and Founder Tyler Bliha began his career in financial services before going to Harvard Business School. After graduating, he worked as the first employee for UpEquity (a mortgage startup) and bought his own home. There he made $10,000 worth of mistakes and discovered the possibility of an opportunity in this market. Given that he was making these mistakes while running finance for a mortgage company, he realized he couldn't be the only one with this problem. From this, Abode was born in March 2023.

In partnership with

🔮 Our Analysis

According to Abode CEO Tyler Bliha, the average American household spends $30 thousand per year on their home. This is spent on confusing expenses like property taxes, insurance coverage, utility costs, and more. The way we usually manage these expenses is complex and outdated. There seems to be a digital manager for everything these days, but not one for your most important asset—your home. Abode’s mission is simple: the company wants to see every homeowner in the U.S. optimize their home finances and know more about their home. 

Abode is developing a simple and clear solution to home finances. The modern consumer expects convenience but wants to stay in control of their finances. Abode understands this. It educates homeowners on essential information and automates mundane work, allowing users to make easy and informed decisions. 

Moreover, Abode’s model allows a commitment to user privacy and data security over conventional models in the industry. Abode only charges when homeowners save money, meaning users pay nothing if no savings are found. When users win, Abode wins. With this modern model, and by putting homeowners' interests first, Abode will attempt to create an ongoing relationship with homeowners in a market valued at over $2 trillion. We think this synergistic model can propel Abode to Unicornhood.

Written by Nicholas Storey

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