Real estate mogul Ryan Serhant has secured $45 million in venture capital funding for his brokerage firm, with much of the investment earmarked for developing S.mple, an AI-powered app designed to revolutionize how real estate agents manage their administrative work. The funding round, announced in December, came from capital firms Camber Creek and Left Lane Capital, marking the first equity funding for Serhant’s firm since its founding in 2020.
The S.mple app leverages artificial intelligence to streamline administrative tasks for real estate agents, allowing them to manage contracts, marketing materials, sales follow-ups, and customer-relationship-management metrics directly from their phones. According to Serhant, the app has already saved his firm’s nearly 1,000 agents more than the equivalent of 625 working days in administrative time since its launch in January 2024. “It’s Instacart for salespeople,” Serhant explained, describing how the app handles “the least sexy part” of real estate work.
However, S.mple represents Serhant’s third attempt at creating a successful tech product after two previous ventures failed to gain traction. In 2022, he launched Univers, a metaverse-based virtual headquarters featuring futuristic office towers, robot assistants, and avatar customization. Despite its eye-catching design, agents found little practical value in features like choosing their avatars’ hair color when it didn’t help close real-world deals. Similarly, Spaces, a video-editing app for creating virtual tours and marketing materials, failed to resonate with agents who preferred familiar existing tools.
The journey taught Serhant valuable lessons about product development and the AI industry. He learned to prioritize direct customer feedback over his own assumptions about what users need. The failed ventures also provided crucial education in app development, machine learning technologies, and how to effectively interview engineers and developers. “I didn’t know what to ask before,” Serhant admitted. “I didn’t know what I didn’t know.”
Serhant’s persistence appears to be paying off. His brokerage firm increased its year-over-year sales volume by over $1 billion, according to its annual letter. The Netflix star, who previously appeared on Bravo’s “Million Dollar Listing New York” and debuted his own show “Owning Manhattan” in June (which was renewed for a second season), believes that creating useful AI technology for real estate agents is fundamentally good business. The substantial VC backing represents unusual territory for traditional brokerage firms, which typically don’t pursue venture capital funding.
Key Quotes
It’s Instacart for salespeople. It’s the least sexy part of what we do.
Ryan Serhant describing the S.mple app’s function to Business Insider. This quote emphasizes how the AI-powered tool handles mundane administrative tasks, allowing agents to focus on sales—similar to how Instacart handles grocery shopping logistics.
It didn’t actually solve any immediate problems for them.
Serhant reflecting on why his metaverse app Univers failed. This realization led him to understand that flashy features without practical utility don’t resonate with users, a crucial lesson that informed his AI app development strategy.
The biggest lesson was don’t just give customers what you think they need. A lot of times it’s just about really asking and listening to direct feedback.
Serhant explaining the key insight from his failed ventures that shaped his approach to developing S.mple. This customer-centric philosophy proved essential for creating an AI tool that actually addresses real pain points for real estate agents.
I didn’t know what to ask before. I didn’t know what I didn’t know.
Serhant discussing his learning curve in understanding AI, machine learning technologies, and app development. His journey from tech novice to informed entrepreneur reflects the broader business community’s rapid education in AI capabilities and implementation.
Our Take
Serhant’s story is a masterclass in AI product development through failure and iteration. His willingness to invest in three successive app ventures demonstrates the persistence required to successfully implement AI solutions in traditional industries. The contrast between Univers’s flashy metaverse features and S.mple’s practical administrative automation perfectly illustrates a critical lesson in AI deployment: technology must solve real problems, not just showcase capabilities.
What’s particularly noteworthy is the quantifiable ROI—625 working days saved—which provides the kind of concrete metrics that justify AI investments and attract venture capital. This case study suggests that AI’s most immediate value lies in augmenting human productivity rather than replacing workers entirely. The $45 million funding round also signals that investors see substantial opportunity in bringing AI tools to industries that have been slower to adopt advanced technologies, potentially opening doors for similar ventures across other traditional sectors.
Why This Matters
This story highlights the growing intersection of AI technology and traditional industries like real estate, demonstrating how artificial intelligence is being deployed to solve practical business problems rather than just theoretical applications. Serhant’s journey from two failed apps to securing $45 million in funding illustrates the iterative nature of AI product development and the importance of user-centered design in creating successful AI tools.
The quantifiable impact of S.mple—saving 625 working days in administrative time—provides concrete evidence of AI’s potential to enhance productivity in service industries where professionals spend significant time on non-revenue-generating tasks. This has broader implications for how AI can augment human workers rather than replace them, addressing a key concern in discussions about AI’s impact on employment.
Furthermore, the story reflects a larger trend of venture capital flowing into AI-powered solutions for traditional industries. Serhant’s ability to attract substantial VC funding for a real estate brokerage—an industry not typically venture-backed—signals investor confidence in AI’s transformative potential across diverse sectors. His learning curve, from not understanding machine learning technologies to confidently discussing AI development, mirrors the broader business community’s rapid AI education and adoption.
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