Venture Capital: Proptech Platform HomeLight Scores $100M Round
The Series D valued HomeLight at $1.6 billion, placing it in the ‘unicorn’ club.’
HomeLight, a real estate technology platform that makes it easy to buy or sell a home by partnering with the right agent, raised a $100 million Series D capital round and $263 million in debt financing. The equity round valued the proptech at $1.6 billion, was led by existing investor Zeev Ventures and included participation from Group 11, Stereo Capital, Menlo Ventures and Lydia Jett of the SoftBank Vision Fund. (TechCrunch)
The startup claims on its website that it counts 28,000 of the top real estate agents on its roster, supports over $1 billion of real estate transactions on its platform annually, and has more than a million clients across the US.
HomeLight founder and CEO Drew Uher told TechCrunch that in 2021 the platform is expecting annual revenue of over $300 million in 2021 – and that it represented 3X growth over 2020.
Its flagship products, HomeLight Trade-In and HomeLight Cash Offer, have grown 700% since launch in January 2020.
Use of funds
HomeLight plans to use the funds to expand the reach of these products to the rest of the country from their current markets in California, Texas, and Colorado.
Uher also said the company plans to “hire aggressively in 2021 and beyond.” The startup presently has about 500 employees on its rolls.
“It’s clear that agents need our products to compete and win in a tech-enabled world,” Uher said to Bloomberg. “Our growth is limited primarily by how fast we can expand operations and headcount.”
The new funding will also enable the company to enhance its technology platform.
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