The proptech lead-qualification startup, Riley, which had recently raised millions in funding, has announced that it is closing up shop and returning what reminds of the capital to its investors.
Company CEO and co-founder Daniel Ahmadizadeh announced the end of Riley in a recent post on LinkedIn, saying that “we were unable to land on making a scalable, high-quality solution that users love in real estate.” Ahmadizadeh went on to say that Riley grew quickly, with agents “signing up at a pace that was breaking our operation,” but that there was also considerable churn among the people using the service.
“Core issues included quality, defensibility, user experience, and an inability to address value propositions offered by new competitors in a scalable way,” he added of Riley’s demise.
Riley was founded in 2015 and offered an automated personal assistant service that could find listings for potential homebuyers. The company used an automated system to begin conversations with consumers, but humans would eventually get involved to pull together listings that the homebuyer might be interested in.
The company’s products evolved over the years, and in 2017 Riley began offering a lead-qualification service, the pricing of which started at $200 per month.
In his post this week, Ahmadizadeh said that the lead-qualification product “took off.”
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