Homeward Secures $120 Million to Streamline Home Buying and Selling
Proptech startup Homeward has raised $120 million in a Series D funding round led by Saluda Grade. The capital infusion aims to accelerate the company's offerings for homeowners navigating the complexities of buying and selling properties.
Homeward, a startup focused on facilitating real estate transactions for homeowners, has announced a $120 million Series D funding round. The investment was led by alternative investment firm Saluda Grade, with participation from Continental General Insurance Co., Citi Ventures, Magnetar Capital, Norwest, and LiveOak Ventures.
The new capital will support the expansion of Homeward's financing products and further development of its technology platform. In addition to the equity funding, the company has secured a $330 million asset-backed debt facility to finance home transactions. Since its inception in 2018, Homeward has raised a total of $360 million in equity.
The company's services are designed to address common challenges in the housing market. Its 'Buy Before You Sell' program provides homeowners with financing to purchase a new home before selling their current one, coupled with a backup offer on the existing property. For those looking for a quicker sale, the 'Sell Before You List' program offers a cash purchase, after which Homeward renovates and resells the property, returning any profit to the original homeowner.
According to Homeward founder and CEO Tim Heyl, the company's revenue has quadrupled since 2021, despite a significant slowdown in the U.S. housing market. This growth is attributed to the company's strategic pivot towards serving a broader range of sellers, particularly through its cash-offer service. Homeward partners with over 25,000 real estate agents and has facilitated more than $4 billion in transactions.