Introduction:
Bar Mor’s passion for both real estate and technology led him to create Agora, a software company that streamlines administrative processes for real estate investment firms. With his background in the elite cyber intelligence division of the Israeli Defense Forces, Mor recognized the need for a dedicated system to manage back-office operations in the real estate industry.
Combining Real Estate and Technology:
Growing up in a family deeply involved in real estate, Mor always knew he would pursue a career in the industry. However, his interest in technology was also strong, especially after serving as a commander in Unit 8200. This elite cyber intelligence division is renowned for producing successful tech entrepreneurs. Mor’s unique background allowed him to see the potential for technology to revolutionize real estate operations.
Identifying a Gap in the Market:
After leaving the army, Mor noticed that many real estate investors struggled with managing various back-office processes. These tasks included managing cash collected from rent, calculating and distributing proceeds to investors, and other administrative functions. He identified that companies often relied on disjointed systems, such as spreadsheets and emails, which made it difficult to efficiently manage data.
Founding Agora:
Motivated by this realization, Mor teamed up with his friends from Unit 8200, Lior Dolinski and Noam Kahan, to establish Agora. The software company aimed to address the challenges faced by real estate investors by providing a comprehensive solution. Agora’s platform manages data, automates reporting, streamlines fundraising processes, and offers bookkeeping and tax services for real estate investment firms.
Comparisons to Carta:
When raising funds for Agora, Mor compared his platform to Carta, a company that manages cap tables for startups and venture capitalists. Like Carta, Agora recognizes the importance of automating manual work and calculating yields in data-intensive industries like real estate. This comparison helped investors understand the value and potential of Agora’s platform.
Impressive Growth and Funding:
Since its launch five years ago, Agora has experienced remarkable growth. The company has tripled its revenue every year, demonstrating the increasing demand for its services. Recently, Agora announced a $34 million Series B funding round led by Israel-based growth fund Qumra Capital, along with existing investors Insight Partners and Aleph. This latest funding brings Agora’s total funding to $63 million.
Steady Growth in a Challenging Market:
Despite challenges faced by some real estate investors due to rising interest rates, Agora has managed to maintain a high client retention rate and continue growing. This success highlights the necessity of Agora’s platform in the industry. Mor believes that Agora’s ability to solve essential problems rather than offering mere convenience has contributed to the company’s success.
Expanding into New Markets:
While Agora currently operates in North America, Europe, and Israel, the company has plans to expand into other markets, including Central America, South America, and Australia. This expansion will allow Agora to serve a broader range of customers and further establish itself as a leading technology partner for real estate professionals.
Leveraging Family Experience:
Mor’s family background in real estate has played a crucial role in shaping Agora’s business. His understanding of how real estate professionals think and what they prioritize has been valuable in developing the company’s strategies. This knowledge has informed various aspects of Agora’s operations, including the personalized approach taken by account managers, who provide direct support to customers and ensure their needs are met.
Conclusion:
Bar Mor’s unique combination of real estate expertise and tech-savviness has resulted in the creation of Agora, a software company that revolutionizes back-office processes in the real estate industry. Agora’s impressive growth and recent funding round further solidify its position as a leading player in the market. With plans to expand into new markets and a commitment to providing excellent customer service, Agora is poised to continue making waves in the real estate technology sector.
