Boise real estate startup lands seed funding

A Boise-based startup that provides software and analytics tools for real estate agents has landed initial seed funding.

ONIT Marketing says it took in $720,000 in seed funding from Meridian investment firm Capital Eleven and another firm. Chad McCloud started the company last year after selling local real estate firm Epic Realty.

McCloud said the experience of starting and developing Epic led to the new venture.

[Boise startup passes on acquisition by Spotify, takes secondary investment]

“We saw first hand on a daily basis the need for this technology, and it became a passion to fix this for the entire industry,” he said.

The company says it is developing a platform it calls “ONIT Lab,” for brokerages, title companies and lenders to facilitate communication with clients and customers. Currently, ONIT’s site features information and a Shopify store with marketing materials for real estate agents.

The stages of startup funding

Tech and other business startups that look to raise capital often follow a number of funding rounds.  Sometimes, the process starts with “pre-seed funding,” which is enough money to get the business going. Seed funding is the first formal round and starts to formalize the business.

Some businesses never progress past seed funding.

Next, follows Series A, Series B and Series C.  A-round funding usually starts once a business has a bit of a track record and provides money to grow the business and develop out products or concepts. B-rounds help businesses start to grow to maturity, past that initial startup phase. Series C funding usually goes into businesses that are already a success, and helps the business grow and scale-up.