Kera
Pre-seed · Property management is the wedge
The Network Thesis
Property management is only the beginning.
Kera starts as the operating system for SMB property managers and landlords. Every operator who joins invites their owners, tenants, and vendors. That invitation graph is the business.
Operators pay for software today. The people they invite become a five-sided network. The network monetizes through partnerships and marketplaces that scale with leases, not with seats.
Confidential · For discussion
getkera.com
The Problem
Rental operations still run on a patchwork of tools.
SMB property managers and hands-on landlords stitch together inboxes, spreadsheets, listing sites, e-transfer, and manual reconciliation for leasing, rent, maintenance, documents, and owner reporting.
Leasing
Vacancy, screening, applications, and follow-up spread across listing sites, email, and paper.
Operations
Maintenance, vendor coordination, documents, and owner reporting handled by hand.
Finance
Rent collection by e-transfer, reconciliation in spreadsheets, audit anxiety at tax time.
Incumbents like Yardi, Buildium, and DoorLoop are priced and designed for larger US operators. SMB teams face a bad choice between enterprise software they do not fit and stripped-down tools that remove critical workflows.
The deeper problem
Every party is disconnected. Tenants re-enter identity at every move. Owners get PDF reports. Vendors chase work by phone. Nobody owns the relationship graph.
Market Opportunity
Canada has five million renter households and no network connecting them.
Statistics Canada, 2021 Census
IBISWorld, 2025
IBISWorld, 2023
CMHC, 2025
Software wedge
Operator subscriptions
34.6K PM businesses plus hundreds of thousands of small landlords who manage their own units. Kera prices for the SMB segment the incumbents skip.
Network layer
Every lease is a revenue event
Each of the 5.0M renter households generates screening, insurance, a move, a payment stream, and maintenance demand every year. That is where partnership and marketplace revenue lives.
Beachhead
Ontario first
1.55M renter households and the largest PM cluster in the country. Advisors and first customers are already here.
Sizing uses public Statistics Canada, CMHC, and IBISWorld figures. Bottom-up SAM and SOM math is in the data room.
Why Now
The rental market just flipped, and the cost of building software collapsed.
01
Renters now compete less, operators compete more
National vacancy rose from 2.2% to 3.1% in 2025 and turnover rents fell in most major centres. Landlords and PMs now need marketing, retention, and tenant discovery tools, not just rent collection.
CMHC Rental Market Report, 2025
02
Record supply needs managing
About 100K purpose-built units are under construction and condo projects are converting to rental. Every new unit needs leasing, screening, and operations.
CMHC, 2025
03
The renter base keeps growing
Renter households grew 21.5% in a decade, more than double the growth of owners. One in three Canadian households rents.
Statistics Canada, 2021 Census
04
AI makes full-feature software viable at SMB prices
Incumbent pricing reflects pre-AI build and support costs. Kera can ship every feature to a 10-unit landlord for what a listing upgrade costs.
05
Canadian rails are modernizing
Pre-authorized debit, Interac, and the incoming consumer-driven banking framework make native Canadian payments and personal finance features possible for tenants and owners.
The Solution & Key Features
One operating layer for the operator. One portal for everyone they invite.
Kera packages leasing, payments, maintenance, documents, accounting, and owner reporting into one daily system for SMB PM teams and landlords. Every feature is included on every plan.
Leasing and screening
Listings, applications, screening, AI lease generation, and e-signature.
Rent collection
Card and pre-authorized debit with payouts to the operator's own account.
Maintenance and vendors
Ticket intake, assignment, status tracking, and vendor coordination.
Trust-ready accounting
Owner statements, reconciliation, and close workflows built for Canadian operators.
Documents and compliance
Provincial forms, notices, and deadlines inside the workflow.
Portals for every party
Owner, tenant, and vendor portals that ride on the operator's data.
Today
Operator subscriptions for PMs and landlords, with owner and tenant portals live.
Next
Vendor operations, personal finance for owners and tenants, and the three marketplaces.
Why Property Management First
The PM wedge is the cheapest way to fill the network.
Bulk supply entry
A single SMB PM brings 50 to 500 doors in one onboarding. One of Kera's first PM accounts brought 100+ properties and 200+ tenants.
Painful status quo
Many PMs still run on no purpose-built software, or on tools that strip out the workflows they need most.
The PM invites everyone
Owners, tenants, and vendors all enter through the PM's workflow. The operator seat is the cheapest possible acquisition channel for the network.
The Network Thesis
Every operator seat invites the rest of the network.
Kera does not have to acquire owners, tenants, or vendors. Operators invite them to get work done. That is the loop we are betting on.
Invitation loops
1 → 300+
One PM seat to network participants
Observed from Kera's first PM cohort: one account, 100+ properties, 200+ tenants, plus owners and vendors
Five portals
Property manager
Operations subscription
Landlord
Operations subscription
Vendor
Operations subscription
Owner
Personal finance subscription
Tenant
Personal finance subscription
Five portals, one graph. The operator pays for software. The network pays through partnerships and marketplaces.
Three Marketplaces
The same data opens three marketplaces, in this order.
Each marketplace turns on when the graph already holds both sides. Listings exist first, so tenant discovery comes first. Posting is always free, because every listing grows the network.
Tenants find properties
Tenants ↔ PMs and landlords
Every vacancy on Kera is already a structured listing with screening built in. Tenants who moved in through Kera carry a verified profile to their next search.
Unlock
Turns on with the first city cluster of listings.
Revenue
Listings are free to grow the network. Revenue comes from screening, insurance, and move-in services.
PMs and landlords find vendors
Operators ↔ Vendors
Maintenance tickets are real demand with an address, a budget, and a deadline. Vendors get discovered through work, not ads.
Unlock
Turns on once vendor portals and ticket volume reach local density.
Revenue
Vendor subscriptions, qualified leads, and payment flow.
Owners find property managers
Owners ↔ PMs
Owners on Kera can see how a PM actually performs: response times, occupancy, statements. That is a hiring signal no directory has.
Unlock
Turns on once PM performance history is deep enough to compare.
Revenue
Qualified PM leads. Owners and PMs post and browse for free.
Traction
Small, real, and the shape of the network is already visible.
Revenue is early. The operational shape matters more: operators are paying, they are onboarding supply in bulk, and they are inviting tenants and owners without Kera spending on acquisition.
Revenue
MRR dipped in June when an early cohort churned, then more than doubled by September on Enterprise seat growth.
September 15, 2026 Stripe pull. Subscription figures are normalized from active Stripe subscriptions (USD model basis). Kera bills in CAD and USD; CAD-billed seats are shown at their USD list price.
Network shape
The early book is concentrated in one PM cohort, which is normal at this stage and shows how much one operator can bring.
Payout accounts from Stripe Connect. Properties and tenants are company-reported, September 2026.
Current Landscape
Everyone owns one side. Nobody owns the graph.
| Player | PM operations | Landlord operations | Tenant portal | Owner portal | Vendor network | Marketplaces | Canadian workflows | Gap |
|---|---|---|---|---|---|---|---|---|
Yardi Breeze · Buildium · DoorLoop PM software | ✓ | – | ✓ | ✓ | – | – | – | US-first, priced for larger operators, no network layer. |
Rentals.ca · Kijiji · Zumper Listing sites | – | – | ✓ | – | – | ✓ | ✓ | Discovery only. No operations, no identity after move-in. |
HomeStars · Angi · Jiffy Vendor marketplaces | – | – | – | – | ✓ | ✓ | ✓ | No rental context. Leads are bought, not earned from tickets. |
SingleKey · Certn Screening | – | – | – | – | – | – | ✓ | Point solution, one transaction per lease. |
Kera Rental network | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | Operator wedge that grows into all five portals and three marketplaces. |
The gap is not a missing feature. It is that no one has the operator as the acquisition channel for every other party.
Unique Advantage
Why Kera wins: the operator channel, Canadian depth, and the books.
Why we win
Operators are the cheapest acquisition channel for owners, tenants, and vendors, and Kera owns the operator workflow.
Every feature on every plan, priced for the SMB segment the incumbents skip.
Canadian-first execution where forms, privacy, payments, and screening are operationally local.
Accounting depth: once Kera closes an operator's books, it becomes very hard to displace.
Canadian wedge
Provincial workflow automation
N-forms, rent notices, deadlines, and province-specific steps built into the workflow rather than layered on later.
Canadian wedge
Privacy and procurement
Canadian data residency expectations and PIPEDA-ready safeguards matter for PM trust and procurement.
Canadian wedge
Payments reality
Pre-authorized debit, EFT, and Interac need to feel native for Canadian operators and tenants.
Canadian wedge
Screening and verification
Identity and credit flows that fit Canadian leasing realities instead of US-first abstractions.
Accounting wedge
Owner accounting is the hardest trust surface in rental operations. If Kera closes the books cleanly, it becomes much harder to displace.
Business Model
Operators pay for software. The network pays per lease.
Subscriptions are the floor and fund the wedge. Partnership and marketplace revenue scales with leases on the platform, not with seats sold.
Operator subscriptions · live
Foundation
Landlords, 1–10 units
$12/mo
Free tier used for onboarding
Expansion
Landlords, 11–25 units
$24/mo
Annual $216
Scale
Landlords, 26–50 units
$42/mo
Annual $384
Enterprise
PM teams, 51+ units
$14/seat/mo
Annual $150 per seat
Live Stripe price catalog, September 2026. USD list prices; CAD billing available.
Planned subscriptions
Vendor
OperationsJob intake, scheduling, invoicing, and payment from operators on Kera.
Owner
Personal financePortfolio statements, tax packages, and cash-flow tracking across PMs.
Tenant
Personal financeRent history, credit reporting, renters insurance, and move tools.
Why it is disruptive
Incumbents sell seats to operators. Kera sells seats to operators and then earns on every lease those operators create. The revenue base grows with the graph, and the graph grows for free.
Revenue Stack
Subscriptions are the floor. Partnerships and marketplaces are the margin.
$20–$80
Illustrative network revenue per lease per year
Screening plus insurance, before lending or vendor and PM leads. Listings are free. ASSUMPTION for founder review. Benchmarks: SingleKey and Certn pricing pages, Canadian mortgage referral guidance, insurance affiliate programs. Property listings are free on every marketplace. Lending referrals are subject to provincial licensing rules.
Path to Revenue
Path to $100K ARR, then $500K, on subscriptions alone.
Targets from the data-room model. Network revenue is excluded from the milestone math on purpose.
Month 6
$100K ARR
35 PM accounts × 12 seats × $14 × 12
$70.6K
100 paid landlord accounts × ~$25 × 12
$30.0K
Month 12
$500K ARR
150 PM accounts × 12 seats × $14 × 12
$302K
550 paid landlord accounts × ~$30 × 12
$198K
Drivers
Rob-led outbound to SMB PMs in Ontario city clusters, with advisor PMs as references.
Free Foundation tier converts landlords as their portfolios grow.
Each PM account adds owners and tenants, which lowers acquisition cost for the next PM.
Month 6 requires the growth rates in the data-room projection. The plan is intentionally aggressive and will be revised as conversion and retention data mature.
Product Roadmap
Wedge first, then one marketplace at a time.
Months 0–6
Win the operator wedge
- Accounting close and owner statements
- Migration reliability and AI import
- Tenant and owner portal activation
- $100K ARR
Months 6–9
Marketplace 1: tenants find properties
- Free listings with syndication
- Screening partnership live
- Verified tenant profiles carry across moves
Months 9–12
Marketplace 2: operators find vendors
- Vendor portal and operations subscription
- Ticket-to-job matching
- Insurance partnership live
- $500K ARR
Months 12–18
Marketplace 3 and personal finance
- Owner-finds-PM using performance history
- Owner and tenant personal finance subscriptions
- Seed round on network metrics
Risks & Mitigations
What could go wrong, and how the plan is designed around it.
Accounting depth is hard
Owner accounting requires audit-grade rigor.
Mitigation
Ship in phases with approvals, audit trails, close workflows, and strict validation around financial actions.
Marketplace cold start
Discovery fails without local density.
Mitigation
Sequence marketplaces by which sides already exist. Tenant discovery first, since listings are already on the platform.
Partnership revenue is unproven
Take rates and conversion are assumptions today.
Mitigation
Sign the first screening and insurance partners during this round and report real per-lease revenue by month 12.
Incumbent response
Established players have feature depth and distribution.
Mitigation
Compete on SMB pricing, full-feature stance, Canadian workflows, and the network layer incumbents cannot bolt on.
Team & Advisors
Founders across product, design, and commercial. Advisors who run the customer.
Co-Founder & CEO
Jason Matthews
Founder-operator building Kera from firsthand exposure to rental operations pain across family landlords, agents, and local markets.
Co-Founder & CPO
Sagar Patel
Product and design lead focused on turning operational complexity into software that small teams adopt without training overhead.
Co-Founder & CCO
Rob Sutherland
Leads commercial operations with experience across three successful exits, owning partnerships, pipeline, and close execution.
Product advisory board
Operating property managers and brokerages who use the product, shape the roadmap, and open their networks.
North Simcoe Property Management
Property management · Simcoe County, York, Peel, Muskoka
Realty and property management · London and Southwestern Ontario
Realty and property management · Niagara Region
The Ask
Raising $1.5M on a $10M post-money SAFE.
Prove repeatable SMB PM acquisition, turn on the first marketplace, and sign the first two partnerships so the next round is priced on network metrics.
$675K
45%
Product & Engineering
Accounting depth, migration reliability, vendor and personal finance portals, marketplace 1 and 2.
$525K
35%
Commercial Team
Outbound, partnerships, PM pipeline, and close execution under Rob.
$300K
20%
Operations Infrastructure
Payments, screening and insurance integrations, reporting, implementation support.
18 months runway · Currently raising; not closed.
Milestones this round buys
Month 6
$100K ARR, 35 PM accounts, tenant and owner portals activated across the base.
Month 9
Marketplace 1 live in Ontario. First screening partnership signed and generating per-lease revenue.
Month 12
$500K ARR. Vendor portal live, insurance partnership signed, marketplace 2 in beta.
Month 18
Owner-finds-PM marketplace live. Seed round raised on network metrics.
jason@getkera.com
The big end goal
Become the rental network for Canada: operators run their business on Kera, and every owner, tenant, and vendor they work with finds their next relationship inside it.