Real estate tech startup Truelist has been acquired by Mainstay as part of an $18m growth funding round set to expand AI-powered tools across the residential property market.
Truelist was founded in 2024 and has built an AI-powered listing platform for real estate brokers and agents to manage, create, and distribute property listings across fragmented MLS systems.
Mainstay operates as an ‘intelligent system of record’ which automates data and transactions across the residential real estate lifecycle, primarily serving major institutional investors. Founder and CEO of Truelist, Carey Armstrong brings a deep real estate tech experience to Mainstay, where she will serve as Chief Strategy Officer.
Carey spent seven years as the Vice President of Premier Agent at Zillow. She then Co-Founded real estate FinTech Tomo in 2020, which raised a $40m seed round backed by investors. She served as COO before launching Truelist four years later.
“I’m grateful to everyone who supported Truelist along the way, and especially to the team who put so much talent, care, and hard work into building. If you don’t know Mainstay yet, don’t worry, you will soon.”
Carey Armstrong, Chief Strategy Officer, Mainstay
For Mainstay, the deal enables the startup to broaden beyond its client base of large institutional investors into the wider market of brokerages, agents, and smaller property owners.
Mainstay is led by CEO Dod Fraser with fellow Opendoor veterans J.D. Rasmussen and Michael Dulfer. The company’s $18m funding round was led by Khosla Ventures, Era Ventures, Parker89, Stackpoint, Alpaca VC and FJ Labs.
Mainstay confirms it has facilitated over $12bn in real estate transactions and serves 95% of the 60 largest residential real estate investors.
“Joining forces means we stop duplicating effort and start compounding it. I have enormous respect for what Dod and the team have built, and I’m excited about what we can do together.”
Carey Armstrong, Chief Strategy Officer, Mainstay
