Homeward secures $371M to help people make all-cash offers on houses
Trying to buy a house in a competitive market is perhaps one of the most stressful things an adult can go through.
Competing with a bunch of people all putting offers on a house that fly off the market in a matter of days is not fun. One startup that is trying to give home buyers a competitive edge by giving them a way to offer all cash on a home has just raised a boatload of money to help it keep growing.
Austin-based Homeward, which aims to help people buy homes faster, announced today it has raised $136 million in a Series B funding round led by Norwest Venture Partners at a valuation “just north of $800 million.” The company has also secured $235 million in debt.
Blackstone, Breyer Capital and existing backers Adams Street, Javelin and LiveOak Venture Partners also participated in the equity financing, which brings Homeward’s total equity raised since inception to $160 million.
Homeward’s model seems to be appealing to both home buyers (including first time ones) and agents alike, with lots of growth occurring since May 2020 when it raised $105 million in debt and equity. The company declined to reveal hard revenue figures but noted that its GMV (gross merchandise value) run rate is up over 600%+ year over year.
Also, as of March, Homeward says it had experienced a 5x increase in the volume of homes transacted and 9x year over growth in the number of new customers. Plus, It’s (Read more...)