HomeLight closes $ 100 million Series D, valued at $ 1.6 billion
Proptech HomeLight has secured $ 100 million in a Series D capital increase that values the company at $ 1.6 billion.
The San Francisco-based company, which earlier this year was preparing for an IPO, also raised $ 263 million in debt financing, bringing its total funding to date to around $ 530 million.
A platform designed to streamline the home buying process by facilitating smooth transactions, HomeLight expects its annual revenue to triple to over $ 300 million this year.
Despite the growth, an IPO is not on the immediate horizon, COO Sumant Sridharan said in an interview.
“We are always evaluating what is best for the business. It is a decision that, if and when the time is right, we will take it, ”he said. “But that’s not something on the short-term roadmap.”
Series D was led by venture capital fund Zeev Ventures, which led previous fundraising for HomeLight and recently led a $ 250 million Series B for the home buying and selling platform. Reali. Group 11, STCAP, Menlo Ventures and Lydia Jett of SoftBank’s Vision Fund also participated in HomeLight Series D.
Founded in 2012 with an initial investment from Google Ventures and Group 11, HomeLight is one of the few startups looking to level the playing field in bustling housing markets by giving more buyers the opportunity to make deals. cash offers. The company started out as an online lead generation service, connecting buyers and sellers with real estate agents, before moving into mortgages and instant buying.
“The last 10 years of real estate technology have focused on ad aggregation,” Sridharan said. “We believe that the next 10 years will consist of fundamentally changing the mechanisms of the real estate transaction. “
The company raised $ 109 million in its previous funding round, in 2019. With its latest round, Homelight plans to expand its financial products, HomeLight Trade-In and HomeLight Cash Offer, increase its workforce and open new national and international offices.
The company is working to establish a regional hub in Tampa and establish a “sizable presence” in Dallas, Sridharan said.