TurboAppeal, a Chicago-based startup that makes software to help property owners appeal taxes, has raised a $4 million Series A funding round, the company announced Tuesday morning.
It will use the money to expand nationally and introduce new products, said CEO and co-founder Badal Shah.
Guaranteed Rate, the Chicago-based mortgage company that recently gained naming rights to the White Sox ballpark, led the round, which brings the company’s total funding to $7.2 million, Shah said.
In August, TurboAppeal entered a strategic partnership with Paradigm Tax Group, a Dallas-based national tax consulting firm that will use TurboAppeal’s technology to serve its clients.
“I’ve never looked at the capital raise as something that’s celebratory; it’s more about business results,” said Shah, though he conceded the validation from investors is “a nice feeling.”
Until now, TurboAppeal has offered a product through which it appeals customers’ property taxes on their behalf, keeping 30 percent of the savings, if there are any. The company will use the new funding to introduce other products, including a self-service tool for customers to appeal their own property taxes for a flat fee, and another targeting Real Estate Investment Trusts, Shah said.
TurboAppeal has 27 employees in Chicago, Denver and Miami, about 10 of whom joined the company this year. Shah said he plans to hire another seven or eight employees in engineering, development and marketing.
Today, TurboAppeal’s products are available in Illinois and Florida. By the end of 2016 or early 2017, Shah wants them to be live in every county of every state. He said the company has spent the last 10 months preparing for scale, which it will use this funding to pursue.
Chicago-based Garland Capital participated in the round, as did Barbara Corcoran Venture Partners of Boca Raton, Fla., and Camber Creek, of Rockville, Maryland.
Existing investors Hyde Park Venture Partners and @properties also contributed, along with other unnamed real estate technology investors.
Originally published in the Chicago Tribune, by Amina Elahi.Read Original Article