Easy Button Capital (INC) has announced it will be selling equity in a Series A round of funding. CEO Joshua Gayman told interviewers on a conference call that “(We)churned through our angel seed capital much faster than we thought.”
Now the company will be turning to equity in its latest offering to accredited investors.
Easy Button Capital is a residential property investment and management technology company. The company allows homeowners to instantly receive an offer for their property over the internet, then it takes that property and manages it for operational cash flow and long-term yield.
“Technology is at the heart of everything we do,” says Gayman, who did confirm the company is developing proprietary software using machine learning (AI) technology but waved off questions about the firm’s application use of the technology. When pressed on blockchain, Gayman said they do have a development team working on blockchain, specifically around tokenized property assets for investment. “Most of that comes down to when the regulators decide to rule on clarity in the crypto and, more specifically, the ICO markets,” commented Gayman.
On the Internet of things (IoT), Gayman again declined to comment but did state that he believes changes coming to the industry utilizing IoT, blockchain, and machine learning technology will catapult the entire real estate industry over the next decade.
The I-Buying industry, a niche term categorized under “prop-tech” by investors, has seen significant growth as well as turbulence in recent months. In late 2021, Zillow closed down its i-buying operations. Another large I-Buying company, Opendoor, reported losing $662 Million in 2021 but most recently turned its operational cash flow around, reporting $28M in earnings in Q1 (2022).
When pressed about earnings losses reported among competitors, Gayman said that disciplined management around cash flow from operations couldn’t be taken seriously enough.
“Most people think that property management is a 7-10% property expense; it’s actually closer to 40% when you consider all of what it affects plus the intangibles that flow to the hard bottom line.” (Gayman)
“Easy Button” now has multiple investments in 11 US markets and is offering to buy property in all 50 states. The company is headquartered in Scottsdale, Arizona.