Knock Company Profile

Background

Company Overview

Knock, founded in 2015 by former Trulia executives Sean Black and Jamie Glenn, along with Karan Sakhuja, is a real estate technology company headquartered in Atlanta, Georgia. The company aims to simplify the home buying and selling process by offering innovative solutions that address common challenges faced by homeowners. Knock's mission is to empower people to move freely by eliminating the traditional hassles associated with real estate transactions.

Mission and Vision

Knock's mission is to build a better home buying and selling experience, enabling homeowners to transition between properties with ease and confidence. The company's vision is to create a world where the pains of traditional home buying and selling are a thing of the past.

Industry Significance

In the real estate industry, Knock stands out by offering services that streamline the complex process of buying and selling homes simultaneously. By leveraging technology and innovative financial products, Knock provides homeowners with greater flexibility and certainty, addressing a significant pain point in the market.

Key Strategic Focus

Core Objectives

Knock focuses on eliminating the stress, expense, and time-consuming aspects of buying and selling homes concurrently. The company's primary objective is to provide homeowners with a seamless and efficient transition between properties.

Areas of Specialization

Knock specializes in offering bridge loan solutions that allow homeowners to purchase a new home before selling their existing one. This approach addresses the common challenge of timing the sale and purchase of homes, providing customers with greater flexibility.

Key Technologies Utilized

The company employs data science and proprietary algorithms to accurately price real estate properties and predict market variations. This technological foundation enables Knock to offer competitive and reliable services to its customers.

Primary Markets Targeted

Knock operates in 75 markets across the United States, including major cities such as Atlanta, Charlotte, and Raleigh. The company targets homeowners looking to buy and sell properties simultaneously, offering solutions that cater to this specific market segment.

Financials and Funding

Funding History

Since its inception, Knock has raised significant funding to support its growth and expansion. In January 2017, the company announced a Series A financing of $32.5 million led by RRE Ventures, with participation from Corazon Capital, Redpoint, Greycroft, Correlation Ventures, Great Oaks Venture Capital, and FJ Labs.

Recent Funding Rounds

In March 2022, Knock secured $70 million in equity and $150 million in new debt in a round led by Foundry Group, with participation from First American Financial, RRE Ventures, real estate executive Mauricio Umansky, and director M. Night Shyamalan.

Notable Investors

Knock's investors include Foundry Group, Second Century Ventures, RRE Ventures, Greycroft, and Parker89.

Intended Utilization of Capital

The capital raised has been utilized to expand Knock's services into new markets, enhance technological capabilities, and develop innovative products like the Knock Home Swap™.

Technological Platform and Innovation

Proprietary Technologies

Knock leverages proprietary algorithms and data science methodologies to accurately price real estate properties and predict market variations. This technological foundation enables the company to offer competitive and reliable services to its customers.

Significant Scientific Methods

The company employs advanced data analytics and machine learning algorithms to assess property values and market trends, ensuring precise and timely information for clients.

Leadership Team

Executive Profiles

Sean Black: Co-Founder and CEO. Previously co-founded Trulia and served as its Chief Revenue Officer.

Jamie Glenn: Co-Founder and COO. Formerly Vice President and General Manager at Trulia and held leadership roles at Yahoo! Real Estate.

Karan Sakhuja: Co-Founder and Chief Labs Officer. Holds a background from Stanford and experience with Homeasap.

Anthony Tsai: Chief Marketing Officer. Brings experience from Procter & Gamble and PatPat.

Megan Dunne: Vice President of Finance. Previously with FITSTAR by Fitbit.

Terra Soloski: Vice President of People. Experience includes roles at Zoosk and Robert Half.

Carlos Teran: Vice President of Product. Formerly with Yahoo! Real Estate.

Stephen Wegner: Chief of Staff. Background includes McKinsey & Company.

Allie McKinley: Vice President of User Experience. Experience with Zillow and Microsoft.

Jen Strain: Vice President of Lending Operations. Previously with Silverton Mortgage, a BH company.

Robert Foos: Director of Sales. Formerly with Redfin and the US Coast Guard.

Board of Directors

Sean Black: CEO & Co-Founder, Knock.

Jamie Glenn: COO & Co-Founder, Knock.

Seth Levine: Managing Partner, Foundry Group.

Vijaya Kaza: Chief Security Officer, Head of Engineering & Data Science for Trust and Safety, Airbnb.

Ian Sigalow: Co-Founder & Managing Partner, Greycroft.

Jed Nachman: COO, Yelp.

David Garland: Managing Partner, Second Century Ventures.

Paul Hurst: Chief Innovation Officer, First American; Managing Director at Parker89.

Competitor Profile

Market Insights and Dynamics

The real estate technology market is experiencing significant growth, driven by consumer demand for more efficient and flexible home buying and selling solutions. Companies like Knock are at the forefront of this transformation, offering innovative services that address traditional market challenges.

Competitor Analysis

Opendoor: Founded in 2013, Opendoor offers a platform for buying and selling homes online, providing instant offers to homeowners. The company has raised substantial funding and operates in multiple U.S. markets.

Homie: Established in 2015, Homie provides a real estate platform that allows homeowners to buy and sell properties without traditional agent commissions. The company focuses on cost savings and streamlined processes.

NeedToSellMyHouseFast: Founded in 2010, this company specializes in purchasing homes quickly from sellers needing immediate transactions, often targeting distressed properties.

Strategic Collaborations and Partnerships

Knock has established relationships with over 120,000 real estate agents across its operating markets. These partnerships enhance the company's service offerings and expand its market reach.

Operational Insights

Knock differentiates itself through its Knock Home Swap™ program, which allows homeowners to purchase a new home before selling their existing one. This service addresses a significant pain point in the market, providing customers with greater flexibility and certainty.

Strategic Opportunities and Future Directions

Knock plans to continue expanding into new markets, leveraging its technological platform and innovative financial products to attract a broader customer base. The company aims to further streamline the home buying and selling process, reducing costs and increasing convenience for homeowners.