TurboAppeal Raises $1.5M From Chicago Investors to Bring Big Data to Property Tax Appeals
TurboAppeal, a Chicago startup that helps home owners file their property tax appeals, announced Wednesday that it has raised a $1.5 million round of funding, which it received entirely from Chicago investors.
TurboAppeal launched earlier this year and uses big data algorithms to assist homeowners in gathering the most accurate evidence when filing their property tax appeals. Included in the $1.5 million round was Chicago-based @Properties, Hyde Park Angels, and Hyde Park Venture Partners. TurboAppeal said it plans to use the investment to expand into five more states within the next two years.
“We are passionately dedicated to helping homeowners,” CEO Badal Shah said in a statement. “We are the number one property tax appeal service for single family homes in Cook County, IL and I believe that is due to homeowners resonating with our data-driven, fully transparent approach. We are excited about our fast growth and we are expanding to Florida this year.”
TurboAppeal says more than 4,000 homeowners have signed-up for its platform, which allows users to quickly and easily begin the property tax appeal process. The company charges 30% of the first year’s savings for Single Family Homes, and only charges users if homeowners actually save on their taxes. The company says by using data mining and machine learning, it can provide more accurate property tax appeal cases for its users.
“TurboAppeal is disrupting a market that needs to be disrupted. It has the right leadership and the right technology to change behavior and have a lasting impact on this space,” added Hyde Park Angels Managing Director Peter Wilkins.
“Appealing your property taxes is an overwhelming and needlessly complicated process,” Ira Weiss, partner at Hyde Park Venture Partners, said in the statement. “TurboAppeal is able to simplify this process not only by bringing in big data, but by bringing in techniques to help apply that big data in a way that works most effectively for clients.”
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