The startup operates a property lottery platform where users purchase tickets and answer a multiple-choice question to enter draws for desirable properties. This model provides an accessible way for individuals to potentially acquire real estate, addressing the challenge of high entry barriers in property ownership.
Funding
$2.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
High property prices and deposit requirements create a significant barrier to entry for many individuals aspiring to own real estate. Traditional methods of property acquisition often require substantial upfront capital, making homeownership unattainable for a large segment of the population.
Solution
Raffle House operates a prize competition platform that offers participants the chance to win a home or a cash alternative through a ticketed draw. Participants can enter draws for desirable properties by purchasing tickets, with a portion of the proceeds donated to a charity partner selected by the participant. The winner is then given the choice of the property or a cash alternative, providing flexibility and catering to individual preferences.
Target Audience
The primary audience includes individuals who aspire to own property but face financial barriers, as well as those interested in supporting charitable causes through prize competitions.
Features
- Ticketed entry into draws for properties or cash prizes.
- Option to choose a charity partner to receive a portion of the ticket proceeds.
- Both single ticket purchases and subscription models are available.
- Free entry option via postal entry.
- Draws are conducted by a third-party draw-management partner, Civica.
- Winners have the choice between the property or a cash alternative.
- Subscription options provide triple the entries and loyalty bonuses.