PROVIDENCE – Location Inc., developer of a real estate search engine that bases its algorithms on the characteristics of neighborhoods, has completed Series A financing totaling $600,000, including a $150,000 commitment from the Slater Technology Fund.
Location Inc.’s search engine, NeighborhoodScout, gives people searching for homes a tool to narrow their target areas using data that include school, property value, crime rate and other information to match what they have indicated they are interested in.
The latest Slater investment brings the total that it has made in Location to $400,000. (READ MORE)
“We were initially drawn to Location Inc. by its thought leadership,” said Thorne Sparkman, managing director of the Slater Technology Fund, in a statement. “With this latest investment, we are excited to be powering the next generation of real estate search.”
The company was founded in 2002 by Andrew Schiller, and it currently employs seven Web designers, map analysts, and sales and marketing personnel. It is looking to expand its staff with more Web developers and programmers as it attempts to grow beyond its current levels. Last year NeighborhoodScout.com registered 1.8 million visitors, while Location Inc. currently has referral relationships with more than 3,000 real estate brokers.
“Slater was one of the first investors to understand the potential of NeighborhoodScout and to provide the seed funding needed to grow the company,” said Schiller.
The Slater Technology Fund, established in 1997 by then-Gov. Lincoln Almond and the R.I. General Assembly, provides seed capital to technology-based businesses in Rhode Island. Additional information is available at www.slaterfund.com.
Location Inc. is a Woonsocket-based company specializing in nationwide relocation software, retail site selection, and real estate investment advising. Additional information is available at www.neighborhoodscout.com.
