Kera
Executive Summary
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.
Problem, Market, and Why Now
Problem
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.
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
5.0M
Renter households in Canada
Statistics Canada, 2021 Census
34.6K
Property management businesses
IBISWorld, 2025
$9.7B
Canadian PM industry revenue
IBISWorld, 2023
~100K
Purpose-built rental units under construction
CMHC, 2025
Why now
- 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.
- 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.
- 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.
- 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.
- 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 Network Thesis
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.
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
Three Marketplaces, in 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.
Business Model and Revenue Stack
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
Expansion
Landlords, 11–25 units
$24/mo
Scale
Landlords, 26–50 units
$42/mo
Enterprise
PM teams, 51+ units
$14/seat/mo
Live Stripe price catalog, September 2026. USD list prices; CAD billing available.
Network revenue · per lease
Tenant screening
Round 1 · Per application
$2.50–$20 margin per report
Renters and landlord insurance
Round 1 · Per policy per year
$15–$60 per policy
Lending referrals
Marketplace 3 · Per funded referral
$250–$500 per file
Vendor and PM leads
Marketplaces 2 and 3 · Per qualified lead
TBD
Illustrative network revenue per lease per year: $20–$80. Estimates are drafted from public benchmarks and are assumptions until partnerships are signed.
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.
Traction
$320
MRR
Normalized from active subscriptions, USD model basis
$3.8K
ARR
MRR × 12
17
Paying accounts
26 paid seats across Foundation and Enterprise
69%
Enterprise share of MRR
PM accounts drive revenue, validating the wedge
100+
Connected payout accounts
Operators onboarded to Kera rent payouts since March 2026
56
Free operator accounts
Foundation tier, top of the invitation funnel
100+
Properties onboarded
Through a single SMB property manager
200+
Tenants on platform
Invited by operators, not acquired by Kera
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.
MRR dipped in June when an early cohort churned, then more than doubled by September on Enterprise seat growth.
Revenue figures from the 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. Properties and tenants are company-reported, September 2026.
Landscape and Why Kera Wins
The gap is not a missing feature. It is that no one has the operator as the acquisition channel for every other party.
Yardi Breeze · Buildium · DoorLoop
US-first, priced for larger operators, no network layer.
Rentals.ca · Kijiji · Zumper
Discovery only. No operations, no identity after move-in.
HomeStars · Angi · Jiffy
No rental context. Leads are bought, not earned from tickets.
SingleKey · Certn
Point solution, one transaction per lease.
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.
Team and Advisors
Jason Matthews
Co-Founder & CEOFounder-operator building Kera from firsthand exposure to rental operations pain across family landlords, agents, and local markets.
Sagar Patel
Co-Founder & CPOProduct and design lead focused on turning operational complexity into software that small teams adopt without training overhead.
Rob Sutherland
Co-Founder & CCOLeads 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.
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.
$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.