Mainstay, the intelligent system of record for residential real estate, has announced it raised more than $18 million in growth capital and acquired Truelist, an AI-powered listing platform for brokers and agents.
The financing includes new investors Parker89, Stackpoint, Alpaca VC, and FJ Labs, alongside existing investors Khosla Ventures, Era Ventures, and Clocktower Ventures. Mainstay will use the capital to accelerate its expansion into brokerage and smaller investor customers, bringing the data, pricing, and automation powering the industry’s residential companies to customers of any size.
Dod Fraser, CEO and Co-Founder of Mainstay, said, “Residential real estate is still run across an enormous number of disconnected systems, datasets, and manual workflows. We have spent years building the technology to seamlessly connect data, decisions, and execution for the largest residential investors. This capital and the acquisition of Truelist allow us to bring that same infrastructure to a much broader market of brokerages, agents, and investors.”
Clelia Warburg Peters, Managing Partner of Era Ventures and a Mainstay board member, said, “Mainstay and Truelist are both unusual in that their teams have actually built and operated these systems at scale inside the industry’s largest and most innovative residential platforms. The combination of deep residential real estate experience, a well of proprietary data, and an innovation and AI first approach is unique in the industry, and creates an opportunity to build something foundational.”
Carey Armstrong, incoming Chief Strategy Officer at Mainstay and Founder/CEO of Truelist, said, “oining forces means we stop duplicating effort and start compounding it. I have enormous respect for what Dod and the team have built, and I’m excited about what we can do together.”
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