Updater is the leading technology platform powering the relocation industry, transforming the historically inefficient process of moving into a frictionless online experience. Its app enables users to organize and complete all moving tasks in one place and serves consumers, real estate companies, and suppliers across the relocation ecosystem. Updater facilitates more than three million moves each year, representing approximately 25% of household moves in the United States. The company’s portfolio includes Updater, Dolly (an on-demand moving and delivery app with a 4.8-star App Store rating across over 20,000 reviews), and MoveHQ. The company plans to use new capital to fund extensive R&D, launch products into new markets, broaden its marketplace and SaaS offerings, and substantially invest in talent. Updater was founded in 2010, is headquartered in New York City, and over the past 12 months launched multiple new products and apps, added over 100 team members, and increased revenue by nearly 50%. Updater provides a consumer-facing platform that helps households manage relocations, including forwarding mail, connecting TV and internet, comparing and booking movers, transferring utilities, and updating accounts and records. The company is led by founder and CEO David Greenberg and has grown its full‑time headcount to over 250 after hiring more than 100 employees in the prior 12 months with a focus on product, design, and engineering. Updater raised approximately $60M in a new convertible note series with an option to raise an additional $15M, and has raised over $250M in total to date. Note holders have the right to convert to equity upon a future public listing. The company intends to use the new funds to expedite its hiring plan and accelerate product development. Management specifically plans to launch new products in anticipation of the 2022 moving season. Updater is a NYC-based digital moving concierge that provides a platform for households to relocate, enabling users to transfer utilities, forward mail, connect TV and internet, and more. Led by founder and CEO David Greenberg, the company serves hundreds of prominent U.S. real estate companies, from brokerages to multifamily and relocation firms. Its product delivers a branded and personalized moving experience that saves clients hours. Updater intends to use new investment proceeds to support growth initiatives, notably the acquisition of Bridgevine. Bridgevine will become part of Updater’s home services division to expand app distribution and enhance its suite of products. The investment amount was not disclosed; the investor was Second Century Ventures, the venture capital arm of the National Association of Realtors. Updater provides a platform that helps with home relocation, streamlining moving-related tasks and partnerships. It runs pilots with US insurance firm Liberty Mutual and several removalists and was planning a third pilot. The company intends to expand its platform into additional verticals, including utilities (gas and electricity), cable television and insurance. Management said new funds will be used to accelerate expansion and hire staff, particularly in sales and engineering. Updater was founded in 2010 and listed on the Australian Securities Exchange in December 2015 at $0.20 a share. In the most recent half it reported revenue of $170,723 (up 68% year-on-year) and a net loss of $3.5 million as it continued investing to build the business. Updater provides movers a single dashboard to change addresses, switch bank and cable accounts, update utilities, and manage subscriptions. The service integrates directly with or has information about roughly 60,000 vendors. Updater is free for users and plans to generate revenue through native advertising by surfacing brands and vendors tailored to a user’s move, location, and life stage. The company anonymizes and aggregates user data to improve recommendations for both users and brands. Founder David Greenberg frames the product around the roughly 45 million Americans who move each year and face contacting 10–15 vendors per move. Prior financing includes a $2 million seed round; total funding after the latest raise is $10 million.

Total raised

$318M

Funding rounds

6

Latest round

Equity

Latest activity

May 2022