Investing in OneRoof - Hyperlocal Social Network. Why we invested?

February 04, 2022,
by Yagiz Sözmen, Alper Kiresepi, Alpaslan Canli and Alara Vural

In the last two years, communities have experienced significant changes in everyday social and economic activities. These changes have been different from the ones before, as they have essentially changed and redefined the common practices of social interaction, the way we work and types of services we seek. Our new persona works from home, chats through video calls, stays at home, and seeks leisure activities even more so than before, on the back of super-accelerated digitalization which gave birth to “hyper-localized” services and unicorns in the tech ecosystem including on-demand groceries (GoPuff), P2P car rentals (Turo) and home services (Urban Company).

Though these services offer solutions for one’s physical needs, the disruption in our “hyper-localized” social life results in home confinement, inadequate social interaction, and loss of social connections. This is yet to be resolved with the next generation social network platforms.

Today – especially in the hectic pace of big cities in the US – hyper-localized individuals seek uninterrupted social interaction in their close circle (even in meters) but very few know their neighbors by name (only 26% of people know most of their neighbors) and have limited interactions with one another. This gets even more complicated, as people are now reluctant to engage in face-to-face interactions, participate in social events, and many still practice social distancing. Not surprisingly, 79% of Gen Z and 71% of millennials say they’re lonely and the average turnover rate in the US is 46.8%.

On the back of growing social distancing and isolation practices, coupled with the rise of digital technologies, people prefer to engage in social networking apps, live streaming platforms, and virtual conferencing tools, though these “social/digital platforms” still cannot offer an adequate solution to a deeper hyper-localized problem.

Here is where OneRoof comes in! OneRoof is the “hyper local social network” that links neighborhood and social networking to build up a presence inside large multi-unit buildings so that neighbors can get to know each other in smaller, tighter-knit circles.

Connecting neighbors living in the same building, OneRoof builds a hyper-local social interaction from bottom up to disrupt urban living to become collective, resilient, and decentralized. OneRoof creates a resourceful, fun, and supportive community, where neighbors can connect, and chat based on common interests, organize puppy play dates, buy-sell-barter things and offer services.

Unlike other location-based social network platforms that gather people and communities based on their region or ZIP codes, OneRoof targets buildings and units, connecting people on a more elaborate level, where people have something in common, and a level of naturally established trust and respect that comes with sharing amenity spaces and same package room access. We believe OneRoof’s model promoting engagement without relying on building management is especially crucial, as previous efforts to establish such platforms have mostly failed, as they relied too much on building managers to moderate the process.

At this transitional moment in the market, we’ve been reflecting on OneRoof’s performance since its launch in Feb-21 and it has been nothing but impressive to see them shine with +600 residential buildings and highly engaged 17.2k MAU growing 5O%+ MoM as of last 6 months average. Established in NYC, OneRoof has expanded into Miami (where the founders are currently based at) and moving on with other major cities soon, including Boston, and Los Angeles.

OneRoof’s product roadmap also includes a strong web3 element where details will be announced in the upcoming months. We’re excited for decentralization of communities which will potentially replace condo association's executive & regulative powers and help local commercial ecosystems to flourish.

It comes as no surprise that OneRoof has the best-in-class founding team with a strong entrepreneurial background, Selin and Nikolaos, two founders of OneRoof, leverage their deep knowledge and solid experience in the entrepreneurial space as second time founders, exiting Knock Knock City to Luggage Hero. As Core Ventures, we’ve known Selin and Niko for a long time, and their current trajectory of OneRoof has been remarkable in terms of product and traction.

As Core Ventures, we’re thrilled to announce our investment in OneRoof led by two superstar founders Selin Sonmez and Niko Georgantas, alongside seed investors General Catalyst, Kleiner Perkins, Dream Machine (VC Fund of Alexia Bonatsos) and other reputable VCs.

In this new chapter, we believe in OneRoof’s manifesto with all our hearts:

“Discovering what those bonds are isn’t as hard as you might think.

All it takes are some open minds, some quirky personalities,

And the right tools to bring them all together,

All under OneRoof”