New Valley Ventures Invests in PropTech Company, Humming Homes
April 15 2021 - 2:11PM
Business Wire
Douglas Elliman Parent Company Vector Group’s
PropTech Investment Venture Offers Agents a New Technology to Help
Ease Buyers into Homeownership
Vector Group Ltd. (NYSE: VGR) announced today that New Valley
Ventures, its investment vehicle seeking opportunities in
next-generation technologies in the property technology (PropTech)
space, has made an investment in another PropTech company, Humming
Homes, a New York-based tech-enabled home management service.
Humming Homes, founded by Adeel Mallick, CEO, Kyle Carnes, Head
of Operations and serial technology entrepreneur Kevin Ryan,
Chairman of the Board, is a tech-enabled home management service on
a mission to make homeownership easier and more enjoyable. Poised
to become one of the world’s most trusted home operators, the
company is creating a new category of end-to-end home management.
It has built a tech-enabled solution for single family homeowners
with a digital-first experience, offering a dedicated in-person
home management team with a single point of contact, 24/7 support,
and employs data and insights to avoid reactive and expensive home
maintenance issues.
“New Valley Ventures is dedicated to investing in new
tech-enabled services that will benefit real estate agents and
their clients and customers,” said Dan Sachar, Managing Director of
New Valley Ventures and Vice President of Enterprise Innovation for
Vector Group. “We are in the midst of a rapid demographic shift in
home buying as well as unprecedented demand in second home
purchases across vacation markets and primary homes in dense
suburban neighborhoods. As more home buyers, especially
millennials, reach their peak home buying years and are
increasingly interested in purchasing single-family homes, the home
management market will need to rapidly evolve. Not only does
Humming Homes meet the needs of this demographic with a service
centered on a best in class mobile consumer experience, but it
provides our agents another tool in their toolkit to share with
their clients that ultimately eases the burden of managing a
home.”
For many would-be homeowners, the idea of owning a home can be
overwhelming. While a valuable investment, homeownership comes with
great responsibility, including annual home maintenance and
improvement costs that are often unaccounted for. Unfortunately,
there are limited resources today to help first-time homeowners
through the transition of renting to single-family home
ownership.
“We are incredibly excited to partner with New Valley Ventures
and the Douglas Elliman team. Their belief in our product and
service validates our mission to transform the lives of new
homeowners and power agents with a key offering in a competitive
selling processes,” said Adeel Mallick, Co-Founder and CEO of
Humming Homes. “We’re excited to begin this partnership and get to
work.”
“We are thrilled about New Valley Ventures’ latest investment in
Humming Homes as it provides another essential partnership that
leverages technology for the Douglas Elliman agent toolbox,” said
Scott Durkin, President and COO of Douglas Elliman. “While Humming
Homes has made a successful debut in their first New York market --
the Hamptons -- we plan to roll it out to several of our other home
markets, so whether someone is buying a house in Greenwich, Miami,
Palm Beach, LA or Aspen, Humming Homes will set them up and take
care of everything from helping you move in, getting your HVAC
system fixed or installing a new roof.”
Humming Homes will be working with Douglas Elliman to launch in
additional adjacent New York cities including Greenwich, CT,
Westchester and parts of Long Island in the coming months as well
as the South Florida Region which includes Miami, Palm Beach, Fort
Lauderdale, later in 2021.
About Vector Group
Vector Group is a holding company for Liggett Group LLC, Vector
Tobacco Inc., New Valley LLC and Douglas Elliman Realty, LLC.
Additional information concerning the company is available on the
Company's website, www.vectorgroupltd.com.
About Douglas Elliman Real
Estate
Established in 1911, Douglas Elliman Real Estate is the largest
brokerage in the New York Metropolitan area and the sixth-largest
in the U.S. With more than 7,000 agents, the Company operates
approximately 105 offices in New York City, Long Island, The
Hamptons, Westchester, Connecticut, New Jersey, Florida,
California, Colorado, Massachusetts and Texas. Moreover, Douglas
Elliman has a strategic global alliance with London-based Knight
Frank Residential for business in the worldwide luxury markets
spanning 61 countries and six continents. The company also controls
a portfolio of real estate services, including Douglas Elliman
Development Marketing, Douglas Elliman Property Management and
Douglas Elliman Commercial. For more information on Douglas
Elliman, as well as expert commentary on emerging trends in the
real estate industry, please visit www.elliman.com.
About Humming Homes
Humming Homes is reimagining home management for the modern
homeowner. Poised to become one of the world’s most trusted home
professionals, the company is creating a new category of end-to-end
home solutions. Humming Homes has built a tech-enabled offering for
single family homeowners that pairs a dedicated in-person home
management team with a seamless digital-first experience. Humming
Homes acts as a single point of contact, offering 24/7 support, and
employing data and insights to avoid reactive & expensive home
maintenance issues. For more information on Humming Homes, please
visit www.humminghomes.com
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version on businesswire.com: https://www.businesswire.com/news/home/20210415005941/en/
Vector Group Benjamin Spicehandler 212-687-8080
Douglas Elliman Real Estate Stephen Larkin 212-891-7042
Humming Homes Damian Irizarry 917-747-7240
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