Updater Valuation, Funding & Investors
Updater is valued at $756M as of December 2019.
Last Updater valuation
$756M
Undisclosed stage · Dec 2019
Last Updater funding round
$60M
Undisclosed stage · Nov 2021
Cumulative funding Updater raised
$183M
across 4 funding rounds
Key investors in Updater
Second Century Ventures
SoftBank Group
Commerce Ventures
IA Ventures
About Updater
Updater is a New York-headquartered moving technology platform founded in 2011 that streamlines consumer relocations. The service handles address updates with over 700 utilities, cable providers, and government agencies across the United States. Updater partners with more than 1,000 real estate brokerages including Compass and Keller Williams, plus property managers like Equity Residential. By automating logistics such as forwarding mail and transferring services, it reduces move-in hassles and generates revenue through referral commissions.
Founded
2011
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission, Subscription
Valuation
$756M (Dec 2019)
Updater Valuation
Updater is currently valued at $756M, based on its undisclosed-stage round in December 2019.
The $95M round was led by Second Century Ventures.
Updater valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2019 | Undisclosed stage | $756M |
Updater Funding History
Updater has raised a total of $183M across 4 funding rounds.
Updater's first fundraising round was a $8M Series A in April 2014. The most recent completed round was a $60M undisclosed-stage round in November 2021.
Updater funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Undisclosed stage | Second Century Ventures | $60M | - | Updater Technologies, a New York-based technology platform, closed approximately $60 million in convertible note funding in November 2021, with an option to raise an additional $15 million for a potential total of $75 million. The round was led by Second Century Ventures, the strategic investment arm of the National Association of REALTORS, alongside other long-time backers. This marked the third investment from Second Century Ventures in the company, following their co-leadership of Updater's Series A financing with SoftBank Capital in 2014. Including this financing round, Updater had raised over $250 million cumulatively across 13 funding rounds by the time of the latest disclosed information. The company provides a comprehensive relocation platform enabling households to forward mail, connect utilities and internet, compare and book moving companies, and update various accounts and records. At the time of the November 2021 round, Updater employed over 250 full-time employees and had hired more than 100 people in the preceding 12 months, with particular focus on product, design, and engineering roles. The capital was designated to accelerate hiring plans and introduce new moving and home-related solutions, with support from Chief Product Officer Josh Abrams who had joined in May 2021. |
| Dec 2019 | Undisclosed stage | Second Century Ventures (lead) | $95M | $756M | Updater is a moving app that assists homebuyers with tasks like hiring movers, mail forwarding, utility changes, and setting up TV/internet services; real estate agents pay $149/year for a branded version. Updater integrates with real estate CRM systems to enable brokerages to offer value-add services easily. The company, formerly public on the Australian Securities Exchange, delisted in 2018 to pursue private funding at a higher valuation, which stood at $650 million upon delisting announcement. In late 2019/early 2020, Updater raised an additional $20 million in equity funding led by Second Century Ventures (NAR's VC arm), plus $75 million in debt, bringing total funding to about $200 million ($125M equity, $75M debt). This round followed a 2014 investment where SCV took an 8.7% stake with $1.97M in an $8M round. The latest round implies a $756 million valuation per Sydney Morning Herald. total funding reached higher amounts in later rounds like a $64.46M Unattributed VC-III in 2023 with Second Century Ventures. |
| Dec 2015 | Undisclosed stage | - | $20M | - | Updater is a New York-based technology platform for residential relocation services, founded in 2010 by David Greenberg, offering a mobile app for packing supplies, labor, utility transfers, internet/TV setup, and home insurance, generating commissions from service providers. Later data includes over $100M revenue in 2021 and strong growth position in the moving technology market. |
| Apr 2014 | Series A | Second Century Ventures (lead); SoftBank Group (lead); IA Ventures; Commerce Ventures | $8M | - | - |
Who has invested in Updater?
4 investors have backed Updater across its funding rounds, including Second Century Ventures, SoftBank Group, Commerce Ventures and IA Ventures.
Lead investors include Second Century Ventures and SoftBank Group.
Updater Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Chicago, IL | 3 | Lead | Apr 2014 | |
 Tokyo | 1 | Lead | Apr 2014 | |
This data is available for Pro users. Sign up to see all 4 Updater investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Updater
Updater has acquired 3 companies to date.
Last acquisition by Updater was on July 13th 2021. Updater acquired Dolly for undisclosed valuation.
Latest Acquisitions by Updater
| Description | Dolly is an on-demand delivery platform that connects customers with professional helpers for moving and hauling tasks across major U.S. cities including Seattle, Chicago, and Atlanta. The service covers apartment relocations, furniture and appliance transport, storage unit management, junk removal, and assembly projects. Helpers utilize pickup trucks, cargo vans, and box trucks through a mobile app that enables instant bookings and real-time tracking. Dolly launched in 2014 from Seattle headquarters and expanded nationwide before ceasing operations in 2022. | Updater Home Services is the New York-based division of Updater that equips homebuyers with a digital marketplace for essential subscriptions. The platform facilitates transfers and new setups for telecommunications providers like Verizon Fios, satellite TV from DirecTV, home security systems from ADT, and energy suppliers including Constellation. Integrated into Updater's moving workflow, it processes thousands of activations monthly through partnerships with major utilities and service brands across 48 states. | MoveHQ is a cloud-based management system for moving and storage companies that handles household goods, commercial projects, hospitality relocations, office transfers, and industrial moves. The platform integrates HQ Sales for quoting, HQ Driver for logistics tracking, and HQ Warehouse for inventory, accessible on desktops, tablets, and mobiles. Recent Updater integration enhances customer communication during the relocation process. |
| HQ Country | | | |
| HQ City | Seattle, WA | Atlanta, GA | Columbus, OH |
| Deal Date | 13 Jul 2021 | 18 Dec 2019 | 6 Sep 2017 |
| Valuation | undisclosed | $75M | $14M |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Updater acquisitions and their M&A valuation multiples. Start Free Trial | |||
Updater Competitors
Updater competitors include listed companies like New Trend International Logis-Tech and JSTI, and private ones like Sendcloud, Gatik, Glydways and Mudflap.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Eindhoven | Private | - | - | $750M | - | |
| San Francisco, CA | Private | - | - | $700M | - | |
| San Francisco, CA | Private | - | - | $700M | - | |
| San Francisco, CA | Private | - | - | $700M | - | |
 China | Publicly listed | $352M | $42M | $661M | - | |
| China | Publicly listed | $622M | $30M | $947M | 1.7x |
Updater Public Comps
Updater is still privately-owned, but its public comps include Dine, Hangzhou Jiebai Group, Fundamenta Real Estate, Guotai Epoint Sofware, Duolun Technology, e-Hualu, New Trend International Logis-Tech, eXp World Holdings, Real Brokerage and G City.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $173M | $33M | 5.0x | - | 26.5x | - | |||
| $253M | $98M | 1.3x | - | 3.4x | - | |||
| $52M | - | 28.5x | 17.3x | - | 21.3x | |||
| $274M | $14M | 1.3x | 1.4x | 26.2x | 25.3x | |||
| $60M | $2M | 9.2x | - | 277.1x | - | |||
| $69M | ($310M) | 24.1x | - | (5.4x) | - | |||
| $352M | $42M | 1.4x | - | 11.9x | - | |||
| $4.8B | ($11M) | 0.1x | 0.1x | (50.5x) | 11.1x | |||
This data is available for Pro users. Sign up to see all Updater competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Updater
| When was Updater founded? | Updater was founded in 2011. |
| Where is Updater headquartered? | Updater is headquartered in New York City, NY, United States. |
| Is Updater publicly listed? | No, Updater is a private, VC-backed company. |
| What is Updater's valuation? | Updater was last valued at $756M in its undisclosed-stage round in December 2019. |
| How much funding has Updater raised? | Updater has raised $183M across 4 funding rounds. |
| What was Updater's last funding round? | Updater's last funding round was a $60M undisclosed-stage round in November 2021. |
| Who are Updater's investors? | Updater's investors include Second Century Ventures, SoftBank Group, IA Ventures and Commerce Ventures. |
| Which companies are comparable to Updater? | Companies comparable to Updater include Sendcloud, Gatik, Glydways, Mudflap, New Trend International Logis-Tech and JSTI. |
| How many companies has Updater acquired? | Updater has acquired 3 companies, including Dolly, Updater Home Services and MoveHQ. |
| What was the largest acquisition by Updater? | The $75M acquisition of Updater Home Services in December 2019 is the largest acquisition Updater has made to date. |
See companies similar to Updater
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.