As a result of the acquisition, two Shopify alumni join myAdobe's executive team.
Real estate technology platform myAbode has acquired FirstList, a listing tool for real estate agents, for an undisclosed sum and is adding the co-founders of the Toronto-based firm to its executive team.
FirstList provides a digital platform for exclusive listings of homes that are not yet listed or not yet published on the Multiple Listing Service (MLS). MyAbode acquires its assets. A company spokesperson told BetaKit on Wednesday that myAbode is also bringing on FirstList CEO Derek Hooper and Andrew Paliga, as well as a team of fewer than 10 employees.
FirstList provides a digital platform for listing exclusive listings of homes that have not yet been listed on the public markets.
MyAbode is the technology brand of the larger Toronto-based real estate company RealServus, which is backed by venture capital and growth equity firm Round13 Capital. Bronwyn Smith, former head of merchant experience at Canadian e-commerce giant Shopify and former COO of Toronto-based artificial intelligence scale-up Ada, was named CEO of RealServus in September.
In a press release, Smith said bringing on Hooper and Paliga will give myAbode a “powerful combination” of technology and real estate expertise. “By combining FirstList’s technology and talent, we will now be able to provide agents with unprecedented access to exclusive private listings and cutting-edge marketing tools,” she added.
According to the myAdobe website, the platform is used by more than 7,000 real estate agents across various brokerages in Ontario.
CONNECTED: Keypr includes Nesto mortgage services in platform for homebuyers
FirstList, founded by Hooper and Paliga in 2023, has developed a digital platform for brokerages to create “coming soon” listings not yet available on the public market. The company said this gave real estate agents and brokers more control over listings and more information to better connect clients with ideal homes.
Paliga, who served as Head of Product at Shopify for several years, will join myAbode as Vice President of Product. In a statement, he said artificial intelligence (AI) will “completely change the way real estate agents interact with their back office” as myAdobe seeks to automate administrative tasks.
The acquisition comes at a time when traditional real estate brokerages are launching their own technology platforms to satisfy homebuyers' appetite for digital tools. In September, Toronto-based Keypr, which is the technology platform for realtor Konfidis, added mortgage opportunities from Nesto in Montreal. RE/MAX and Royal LePage have launched digital client and listing management platforms for their brokers.
In recent years, technology companies have found it difficult to raise venture capital funds. Proptech companies raised about $300 million in venture capital (VC) last year, down more than 60 percent from the year before, according to the nonprofit industry group. Proptech Team. Almost a third of technology companies operating in Canada are early stage or earlier.
Disclosure: Good Future, the majority owner of BetaKit, is the family office of two former Shopify leaders, Arati Sharma and Satish Kanwar.
Artistic image courtesy of Bruno Assis via Unsplash.
