The platform was jointly funded by CMHC and Accenture
Tech enterprise Sparrow has announced that it has received $1 million in funding for its home-sharing platform aimed at addressing Canada’s housing affordability issues.
Sparrow’s platform is designed to help Canadians looking for accommodation for a minimum of two months, giving them affordable options among urban homes with unused space. Hosts will also benefit from passive income for the duration of the arrangements, Sparrow said.
“The pandemic has deepened two parallel Canadian crises: housing affordability and loneliness," said Oren Singer, CEO and co-founder of Sparrow. “We have an opportunity to normalize home-sharing by making it easier, safer, and more enjoyable to share unused housing space.”
Read more: How many Canadians still prefer to own homes rather than rent?
The platform was funded by $500,000 from the federal government as part of the National Housing Strategy, and another $500,000 from tech giant Accenture. Both organizations have also pledged technical and industry support for Sparrow.
“In addition to low rent housing opportunities, social benefits associated with home-sharing include reduced social isolation and providing seniors with more choices as they age comfortably,” said Ahmed Hussen, Minister of Housing and Diversity and Inclusion. “This is another great example of how we are supporting innovative affordable housing solutions to better meet Canadians’ needs.”
