Luxury Presence Raises $22M in Series C Round Led by Bessemer Venture Partners

Luxury Presence, a real estate marketing platform powered by AI, has successfully secured $22 million in a Series C funding round, with Bessemer Venture Partners taking the lead. The company's CEO, Malte Kramer, established the Austin, Texas-based firm after meeting renowned luxury real estate agent Jade Mills, who has facilitated $9 billion in sales throughout her career. Kramer was inspired to create Luxury Presence after witnessing Mills' struggle with outdated tools.

Described as a 'growth platform,' Luxury Presence enables high-end agents, teams, and brokerages to generate and nurture business through premium branded websites and advanced marketing tools. The company is preparing for the launch of a new AI-powered product, Presence CRM, designed to identify 'hidden deals' within agents' networks. With over 17,000 real estate businesses and 87,000 agents in its client base, Luxury Presence anticipates a 40% ARR growth by 2025 and is on the brink of profitability. The Series C round saw involvement from NextEquity Partners, GSBackers, and TriplePoint Capital, as well as a $15 million debt facility from J.P. Morgan.

Notably, the company has raised a total of $74 million in equity since its inception in 2016, with investors including Zillow co-founder Spencer Rascoff. The firm refrained from disclosing its valuation but confirmed a significant up round compared to its previous Series B-1 raise. This funding arrives at a time of slight rebound in venture capital flowing into real estate tech startups. Luxury Presence has previously integrated AI features such as the Presence CoPilot for client service-related tasks and an AI agent team for real estate marketing.

The new Presence CRM aims to leverage AI to uncover opportunities within agents' networks, utilizing third-party data and behavioral signals. CEO Kramer believes the company's unified functions give it an edge over competitors, resulting in faster growth and increased transaction volume for agents. Operating on a SaaS subscription revenue model, Luxury Presence offers plans for agents, teams, and brokerages, with an added usage component for AI conversations with leads. Byron Deeter, partner at Bessemer Venture Partners, emphasized the firm's confidence in Luxury Presence's potential, expressing conviction in the startup's ability to innovate the real estate industry, similar to other successful vertical AI and SaaS companies. The article includes an illustration by Dom Guzman.