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DIGS EXTENDS FUNDING TO $14 MILLION TO ACCELERATE GROWTH WITH BUILDERS, ADDS COO TO SCALE OPERATIONS AND ADVANCE MARKETPLACE STRATEGY$7 Million Seed Round adds to Prior Pre-Seed Round, Brings in New Investors Including Renowned Analyst Gene Munster VANCOUVER, Wash., Jan. 25, 2024 /PRNewswire/ -- Digs, an AI collaboration platform for home builders and homeowners, announces expanding its funding and C-suite with additional investment and new executive staff. The combination aims to accelerate the initial momentum of the company's rollout and fuel the launch of a marketplace. The new $7 million Seed round, led by Oregon Venture Fund (OVF) and Legacy Capital Ventures, includes follow-on participation from investors in the prior $7 million pre-seed round. Notable contributors include Fuse, Flying Fish, Betaworks, PSF, Cascade Seed Fund with additional investment from Deepwater Asset Management, where Gene Muster serves as Managing Partner. "It's fantastic to have proven investors like OVF and Legacy lead our Seed round and partner in helping us navigate all the challenges accompanying rapid growth," says Ryan Fink, CEO and co-founder of Digs. Digs platform now serves users in all 50 states and Canada, spanning builders, suppliers, contractors, and homeowners. Transitioning from beta to full availability in under a year, it hosts diverse projects, from boutique builders to national developers, representing over $3B+ in home value on the platform. "Digs is taking how we build and own a home to the next level," said Gene Munster, Managing Partner at Deepwater, "we're excited to partner again with Fink and team who are using AI to solve real pain points that millions feel every day, whether you're a builder or a homeowner." To help scale the platform, Digs has added veteran technology executive Jef Holove as Chief Operating Officer. Holove has held senior roles in several consumer companies, the most recent being Chief Executive Officer of Drop, an e-commerce marketplace for bespoke consumer tech products, acquired by Corsair in 2023. Jef will be responsible for Digs' supporting business functions and developing the platform's marketplace. "The platform's focus on the homeowner's experience, a largely unaddressed area in construction technology, sets it apart in a market ripe for improvement. We believe Digs is not just an investment in a product but an investment in the future of how homes are built and maintained," commented Deepthi Madhava, Oregon Venture Fund. Digs' digital twin for the home will provide comprehensive details enabling homeowners to easily manage and improve their homes through insights available at the press of a button. As part of Digs' marketplace strategy, builders can engage in an ongoing opportunity with homes they construct and partner with Digs to share marketplace revenue throughout the life of the home. About Digs Digs mission is to power experiences that unlock happier homes. Digs is a web-based software company that leverages human-centric design and patent-pending artificial intelligence (AI) to make it simple for residential builders and homeowners to organize documents, collaborate on home builds, and generate automatic digital homeowner handoffs. Digs results in more efficient builds and a full digital understanding [digital twin] of the home for the homeowner that is both usable and shareable.
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