Silvernest Raises $1.3 Million to Enable Home Sharing for Boomers
Financing will be used to scale business and fuel product development
Denver, Colo. – June 22, 2017 – Silvernest, a unique online roommate-matching service for boomers and empty nesters, has raised a $1.3 million seed funding round. The oversubscribed round includes contributions from prominent venture capital and angel investors, such as Halogen Ventures, 1843 Capital, Rockies Venture Club, Investor’s Circle and 500 Startups.
The funds will be used to refine Silvernest’s growth engine, scale the business and drive revenue generation. Additionally, the capital will allow Silvernest to invest in product advancements that solidify its position as the emerging leader in long-term home sharing for the aging market.
“Long-term home sharing is the next phase of the sharing economy, and Silvernest is at the forefront of this multi-billion dollar market with a solution that has the potential to transform the housing industry for aging adults,” said Jesse Draper, founding partner of Halogen Ventures. “With its innovative approach to a far-reaching problem, along with a talented women-led executive team, Silvernest is set to capture the leadership position.”
Launched in late 2015, Silvernest’s online roommate-matching service pairs boomers, retirees, empty nesters and other aging adults with compatible long-term housemates, enabling them to earn an average of $10,000 a year, remain in their homes longer and keep isolation at bay. The service matches homeowners and housemates based on behavioral profiles and demographic preferences, and allows them to conduct full background checks, communicate securely in-platform, create state-specific leases and process rent payments.
“We’re seeing unprecedented aging in the United States, with 10,000 people a day turning 65. This population wants to age in place and 80 percent own their homes, but many face rising housing costs on fixed budgets,” said Silvernest CEO Wendi Burkhardt. “Our service allows them to safely and securely participate in the sharing economy by leveraging their homes as an asset to generate extra income. This funding gives us the fuel to deliver tomorrow’s aging-in-place alternative.”
Silvernest has undergone remarkable growth in a very short period of time, including expanding to all 50 states, reaching nearly 20,000 registered users and making 16,000 matches.
“Silvernest is one of those rare companies with both the disruptive vision to challenge the norms around aging and homeownership, and ability to execute with innovative solutions that drive market adoption,” said Dave Harris, director of operations at Rockies Venture Club. “Silvernest has our continued support as it furthers its mission to make home sharing a sought-after aging-in-place alternative.”
In conjunction with the funding, Silvernest has hired Ben Beierwaltes as vice president of product development and, Eddie Thomas, the former CTO of DogVacay and vice president of engineering for eHarmony, has joined the company’s advisory board.
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.