Digs, a collaboration platform based in Vancouver, Washington, has announced an extension to its seed round from 2023. The company, which provides homebuilders, vendors, and eventually homeowners with a digital twin of their homes, has secured an additional $7 million in funding.
New Investors Join the Ranks
The new investment was led by Oregon Venture Fund (OVF) and Legacy Capital Ventures, with existing investors such as Fuse, Flying Fish, Betaworks, and PSF following on from their previous investment. Deepwater Asset Management also joined this round, bringing its seasoned experience in building and scaling consumer technology.
"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," said Digs CEO and co-founder Ryan Fink. "Bringing on additional seasoned experience will ensure our ability to continue to grow efficiently and accelerate our marketplace strategy."
A New Approach to Home Building
Fink, who co-founded the company with Ty Frackiewicz, previously built Streem, which aimed to create digital twins of homes using nothing but phone cameras. Frontdoor acquired Streem in 2019. Now, the team is using a different approach that focuses more on helping builders, vendors, and homeowners share documents, using AI and computer vision to help them better understand those documents.
"At the core of that is a modern real-time collaboration platform and document storage service," Fink explained. "Digs is taking how we build and own a home to the next level."
What is Digs?
Digs creates a digital twin of the home, including everything homebuilders and homeowners would need to know – from room dimensions, paint and fixture specifics, to what water filter is compatible with the fridge. The platform includes:
- Room dimensions
- Paint and fixture specifics
- Compatible water filters for the fridge
- And more
The Benefits of Digs
Imagine having all this information available at your fingertips, without having to sift through multiple documents or consult different sources. With Digs, you can have unprecedented ease of managing and improving homes with insights tailored to your interests.
"It’s like having a Figma-like collaboration tool for homebuilders and suppliers," said Jef Holove, newly appointed Chief Operating Officer (COO) at Digs. "Imagine the unprecedented ease of managing and improving homes with insights tailored to your interests, available at the press of a button."
The Team Behind Digs
Holove was previously the CEO of Drop, the marketplace best known for its keyboard and audiophile selections. Corsair acquired Drop in 2023. Before that, he was the COO of Streem – and before that, the CEO of Basis, which Intel acquired in 2014 (and quickly abandoned). He was also previously the CEO of Eye-Fi, which was ultimately acquired by Ricoh.
A Trend Worth Noting
Holove’s background is marked by a trend of starting companies that are eventually acquired. While this may be seen as a sign of success, it’s worth noting that the long-term implications for employees and the market at large can be significant.
"The digital twin that Digs creates for the home includes everything homebuilders and homeowners would need to know – from room dimensions, paint and fixture specifics, to what water filter is compatible with the fridge," Holove said. "Imagine the unprecedented ease of managing and improving homes with insights tailored to your interests, available at the press of a button."
About Digs
Digs is now out of beta and available in the U.S. and Canada. The company counts several boutique builders and national developers among its users.
"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," said Gene Munster, managing partner at Deepwater.
Growth Plans
Digs is now looking to expand its team to meet growing demand. With the additional funding, the company plans to accelerate its marketplace strategy and continue to innovate in the homebuilding industry.
"We’re confident that Digs will revolutionize the way we build and own homes," said Fink. "With this new investment, we’ll be able to take our platform to the next level and provide an unparalleled user experience for builders, vendors, and homeowners alike."
Conclusion
Digs is making waves in the homebuilding industry with its innovative approach to collaboration and document management. With a strong team behind it and significant funding from established investors, the company is well-positioned to make a lasting impact on the market.
"We’re excited to see what the future holds for Digs," said Munster. "With their dedication to innovation and customer satisfaction, I have no doubt that they’ll continue to lead the way in homebuilding technology."
