Toronto proptech startup Key has raised a $11 million seed found led by Luge Capital and including Plazacorp, N49P Ventures, Red Jar Capital, TSV Capital, and Moderne Ventures.
Launched first in Toronto in November 2021, Key’s co-ownership model makes homeownership accessible without needing to qualify for a mortgage or save for the typical 20 percent down payment.
Key provides the opportunity to co-own a home to live in and build equity from day one, with a small down payment of 2.5 percent of the home’s value, without having to take on a mortgage. Key aligns real estate investor capital with resident capital to underwrite the cost of homeownership, making it more affordable for residents.
“The lack of accessibility to homeownership is a growing global crisis that needs innovation to solve. The support given, and the amount of funding raised in our first round further affirms our belief that homeownership should be, and can be, accessible to everyone,” shared Daniel Dubois, co-founder and president of Key. “We’re funded and excited to grow the Key community across North America, and then globally as we raise growth capital.”
As Key continues to partner with new property owners and investors, the company will expand its growing portfolio to include single-family homes and townhomes.
“Key provides property owners with a better asset management alternative than straight rental,” explained Rob Richards, co-founder and CEO of Key.
“Thousands of people have joined our waitlist, from frontline workers to software engineers, which speaks to the broad and unprecedented demand for a new pathway to ownership. Our tech-enabled co-ownership model makes the benefits of homeownership accessible for so many in the missing middle of our society.”