Aging-in-place alternative helps cities ease their housing crunch
Denver – Sept 6, 2018 – Silvernest, an online roommate-matching platform that pairs boomers and empty nesters with compatible long-term housemates, has raised $3 million in Series A funding led by Incenter, a Blackstone Group portfolio company. This brings Silvernest’s total funding to date to $4.45 million.
The new funds will be used to expand the company’s user base, acquire new talent and build out Silvernest’s digital platform with new features and functionality. Silvernest is tapping into an exploding industry, as the marketplace for aging tech is estimated to hit $30 billion by 2020.
Launched in late 2015, Silvernest uses a proprietary algorithm to match boomer homeowners with housemates for long-term home sharing, providing them with options to remain in their home, generate additional income and establish new social connections. The Silvernest platform makes the experience seamless by offering a comprehensive tool set that includes identity verification, background checks, lease creation, automated payments, mediation and legal support.
“Silvernest stands alone in the technology and processes it has developed to harness the home sharing movement among boomers,” said Patti Cook, president of UFG and chairman of Incenter’s board of directors. “Not only is Silvernest answering the call for alternative living arrangements, they’re also increasing rental inventory in housing markets that desperately need it.”
According to AARP, nearly 90 percent of adults over 65 want to remain in their homes as they age. What’s more, 80 percent own a home they can leverage as an asset to earn an average of $10,000 a year, which can be put toward their mortgages, retirement nest eggs and other living expenses.
“We’re passionate about what we do and find the benefits of home sharing go far beyond financial gain, with our users telling us they relish the companionship, connection and security that comes with having a housemate,” said Wendi Burkhardt, CEO of Silvernest. “Incenter supports our mission and, with its backing, we’ll be able to refine and execute on our vision to provide a desirable housing and retirement solution for the nation’s rapidly growing aging population.”
Silvernest has seen remarkable growth. In the past year it has expanded to all 50 states, grown its signup rate by 150 percent and, to date, has made nearly 40,000 qualified matches in its system.
Silvernest is an online home sharing service that pairs aging homeowners with qualified housemates, giving Baby Boomers and empty nesters an aging-in-place alternative. Through its roommate-matching, lease management and localized support services, Silvernest combines the tools, expertise and commitment to provide the industry's first comprehensive home sharing platform. This hassle-free service takes care of the details, providing peace-of-mind by enabling people to stay in their homes, while benefiting from increased income and shared experiences. Denver-based Silvernest has been called a company to watch. Visit us online at www.silvernest.com, check out our blog, or follow us Facebook and Twitter.