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Faira was a Seattle, Washington-based real estate technology platform that facilitated residential property transactions through an online auction-style system designed to increase transparency and reduce transaction costs. The company operated by charging a standard 0.5% platform fee deducted from seller proceeds, while also functioning as an iBuyer that utilized its own capital to purchase and resell homes at predicted prices. Initially focused exclusively on the Washington State market, the discount brokerage eventually expanded its digital tools and in-person services into both California and Arizona. Despite offering premium service tiers and providing prospective buyers with third-party inspection reports, the business ultimately ceased operations after closing offices, laying off staff, and experiencing a severe decline in active property listings. The enterprise was founded by former eBay executive Dr. Kamal Jain and was fully operational by the year 2019.
Faira has raised $5.0M across 2 funding rounds.
Faira has raised $5.0M in total across 2 funding rounds.
Faira has raised $5.0M across 2 funding rounds. Most recently, it raised $3.0M Seed in June 2018.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jun 1, 2018 | $3M Seed | — | Elementum Ventures, Foundation Capital, Geekdom Fund, Kickstart Fund, Next47, Pioneer Square Labs, Race Capital, GIL Penchina, SeedInvest, SOSV, Staenberg Venture Partners, Techstars, Wisemont Capital, Dave Balter, Peter Kazanjy, Preetha Parthasarathy, Rudy Gadre, Sahin Boydas, Tikhon Bernstam, Tyler Willis | Announced |
| Feb 1, 2017 | $2M Seed | — | Accel, Kickstart Fund, GIL Penchina, Peter Kazanjy, Preetha Parthasarathy, Tikhon Bernstam, Tyler Willis | Announced |
Faira was a real estate technology platform that aimed to streamline home buying and selling by enhancing transparency, reducing costs, and minimizing stress for buyers and sellers.[1][3][5] It operated as a discount brokerage in Washington State, offering an online platform with features like detailed property disclosures, inspection reports, real-time bids, and an auction-style system where sellers listed properties via a dashboard and buyers submitted maximum offers digitally.[1][3] Free for sellers, it charged buyers a 0.5% platform fee deducted from sale proceeds, blending automation with human support from licensed agents.[1][2][3][6] The company raised $6.29M in debt financing, reported $8.2M in revenue with 9 employees, but scaled back operations, closed offices, laid off staff, and listed few properties before appearing to go out of business.[1][2][3]
Founded in 2015 and based in the Seattle area (with locations noted in Kirkland and Vancouver, WA), Faira emerged from co-founders including Aaron Holm and Kamal Jain, the latter bringing eBay-inspired auction expertise to the model.[1][3] The idea addressed real estate's opacity—providing transparency reports, marketing, and tech tools to avoid post-purchase surprises, targeting buyers and sellers frustrated with traditional processes.[1][3] Early traction included operations as a licensed brokerage in Washington, but pivotal challenges arose later: reduced scale, office closures, staff layoffs, and a shift toward hybrid in-person services amid limited listings.[3]
Faira rode the proptech wave of the mid-2010s, leveraging software to disrupt real estate's high costs and lack of transparency amid rising U.S. housing demands and tech adoption in transactions.[1][3][5] Its timing aligned with post-2008 scrutiny on brokerages, favoring digital platforms for efficiency, but market forces like regulatory hurdles for discount models and competition from larger players (e.g., Zillow, Redfin) pressured smaller entrants.[3] By pioneering buyer-paid fees and open data, it influenced ecosystem shifts toward consumer-centric tools, though its contraction highlighted scalability challenges for regional proptech firms.[1][2][3]
Faira exemplified early proptech ambition but faltered on execution, with signs of dormancy since around 2020 (last funding 6 years prior to recent data).[1][3] No active operations are evident, suggesting it's out of business, potentially acquired or pivoted quietly.[2][3] Rising AI in real estate (e.g., valuation, virtual tours) and blockchain for titles could revive similar models, but Faira's legacy underscores the need for national scale and robust agent networks. Its transparency push endures in today's platforms, tying back to its core mission of stress-free transactions—though execution proved the real estate hurdle.
Faira has raised $5.0M in total across 2 funding rounds.
Faira's investors include Elementum Ventures, Foundation Capital, Geekdom Fund, Kickstart Fund, Next47, Pioneer Square Labs, Race Capital, Gil Penchina, SeedInvest, SOSV, Staenberg Venture Partners, Techstars.
