AI home build collaboration platform, Digs, is making waves in the home construction and ownership industry with a recent announcement of $14 million in funding. The funding, a combination of a $7 million Seed Round and a prior Pre-Seed Round, aims to propel the company's growth, enhance operations, and advance its marketplace strategy. In addition to the funding boost, Digs welcomes a new Chief Operating Officer (COO) to further scale operations and drive the marketplace vision.
Expansion of Funding and Notable Investors
The recent $7 million Seed Round, led by Oregon Venture Fund (OVF) and Legacy Capital Ventures, marks a significant milestone for Digs. The round saw participation from investors in the previous $7 million pre-seed round, including Fuse, Flying Fish, Betaworks, PSF, and additional support from Deepwater Asset Management, where renowned analyst Gene Munster serves as Managing Partner.
“We’re excited to partner again with Fink and team who are using AI to solve real pain points that millions feel every day, whether you’re a builder or a homeowner,” said Munster.
Ryan Fink, CEO and co-founder of Digs, expressed excitement about having proven investors lead the Seed Round, emphasizing their invaluable support in navigating the challenges of rapid growth. Notably, several participants were also investors in Streem, a company previously founded by Fink and acquired in 2019.
Company Momentum and Geographic Reach
Digs' AI collaboration platform has rapidly gained traction, serving users across all 50 states and Canada. In under a year, the platform transitioned from beta to full availability, hosting diverse projects from boutique builders to national developers. The platform currently represents over $3 billion in home value, showcasing its broad appeal and industry impact.
Gene Munster, Managing Partner at Deepwater Asset Management, commended Digs for taking home construction and ownership to the next level.
Strategic Leadership and Marketplace Vision
To further scale its platform, Digs has strategically appointed Jef Holove as Chief Operating Officer. Holove, a seasoned technology executive with experience in consumer companies, will play a crucial role in managing business functions and developing the platform's marketplace.
Holove highlighted the unique digital twin created by Digs, offering comprehensive insights to home builders and homeowners, from room dimensions to specific fixtures. This digital understanding aims to simplify home management and improvements with tailored insights available at the touch of a button.
Marketplace Strategy and Ongoing Opportunities
As part of Digs' marketplace strategy, builders can engage in continuous opportunities with homes they construct, collaborating with Digs to share marketplace revenue throughout the home's lifespan. This innovative approach aligns with Digs' mission to power experiences that unlock happier homes.
Investor Enthusiasm
Key investors Deepthi Madhava from Oregon Venture Fund and Anthony Rich from Legacy Ventures expressed enthusiasm for Digs' potential to lead the market in digitally representing every US home. Madhava emphasized Digs' focus on the homeowner's experience, an underserved aspect in construction technology, making it an exciting addition to their portfolio.
“Digs uniquely bridges the gap between home construction and homeownership, offering an unparalleled experience for both builders and homeowners.” said Madhava. “The platform's focus on the homeowner's experience, a largely unaddressed area in construction technology, sets it apart in a market ripe for improvement. We believe Digs is not just an investment in a product but an investment in the future of how homes are built and maintained, making it an exciting addition to our portfolio.”
Rich expressed confidence in the future impact of Digs. "The Digs Team is attacking the problem surrounding the digitization of the home. Ryan and Ty are relentless about building the most elegant customer experience and connecting workflows in a way others have been unable to,” said Rich.
“We firmly believe that Digs will standardize digital documentation for the Residential Home Ownership Industry in a similar way that CARFAX did for the Automobile industry."
Digs' recent funding extension, strategic leadership addition, and marketplace vision position the company as a significant player in reshaping the future of home construction and ownership through innovative AI solutions.
Digs is a collaboration software solution for home builders, vendors, and homeowners that provides more efficient file storage, collaboration, and homeowner handoff for home construction projects.
Learn more at Digs.com.
