-The Company is One of Eight Chosen Nationwide To Participate in National Association of Realtors® Accelerator Program-
DETROIT, April 22, 2015 – Detroit-based BoostUp, which helps people save for a down payment on their next car or home by offering a dollar-for-dollar match on their savings from brand partners, family and friends, today announced that they are one of eight companies to be accepted into the 2015 class of REach®, a growth technology accelerator program based in Chicago. The accelerator programs is a part of The National Association of Realtors®’ strategic investment arm, Second Century Ventures (SCV).
“BoostUp is a great addition to this year’s class,” said Constance Freedman, managing director of Second Century Ventures and REach. “Their mission of promoting homeownership among the younger generations is an incredibly worthy one, and we are looking forward to helping them further this pursuit over the course of the REach program.”
BoostUp was selected over hundreds of companies who applied from across the country, and was chosen because their platform to help younger, first time home buyers responsibly save and raise money for their down payment has significant potential to impact the real estate space.
The REach program differs from other accelerators in both its vertical focus within real estate and related industries and in the growth stage at which most companies enter the program. The program aims to move these organizations rapidly forward beyond their initial successes through education, mentorship and market exposure. Previous classes have doubled, on average, their customer base and collectively raised over $34 million in financing both during and after completing the program.
As part of the eight month program, BoostUp will have access to workshops, conferences and networking opportunities within the real estate industry. The company’s headquarters will still operate out of the Madison Building, which is the epicenter to Detroit’s thriving tech scene.
“This is a tremendous opportunity for our company” said John Morgan, Founder and CEO of BoostUp. “Almost half of millennials want to buy a home in the next one to five years and their biggest obstacle will be having the money for a down payment. We are excited to partner with realtors and to combat that problem and be the catalyst to help the next generation reach the American Dream.”
BoostUp is a first of its kind social savings platform that helps people save for a down payment on their next car or home purchase. Consumers have the ability to receive a dollar-for-dollar match on their savings from brand partners, family, and friends. Users create a free BoostUp account, set a savings goal, and then can automate deposits to reach that goal through responsible savings. Brand partners such as Quicken Loans and Hyundai offer customers a dollar-for-dollar matching incentive (“Boost”), which rewards their savings and helps them buy their next car or home faster.