Real Estate Startup Homeward Raises $371 Million, Landing Valuation Above $800 Million
Homeward
Real estate financing startup Homeward completed a $371 Million Series B round that values the three-year-old business at more than $800 million. The round, which included $136 million of equity funding and $235 million in debt financing, comes as continued demand for housing has led to a boom in all-cash offers.
Similar to i-buying firm Opendoor, the startups Ribbon and Accept.inc and a host of other new companies, Homeward provides cash to buyers so they can submit the most competitive possible offers, or buy a new property prior to selling their existing home.
Homeward, a startup that helps consumers make cash offers on houses, announced today that it has raised $371 million in new funding.
The new funding is split between $136 million in equity and $235 million in debt, according to a company statement. The statement adds that Homeward will use the new funding to expand the scale of its core business, which involves making cash offers on behalf of consumers.
Tim Heyl
“We anticipated cash offers becoming standard a few years ago,” company founder and CEO Tim Heyl said in the statement. “We designed our cash offer in a way that enables agents to make every buyer a cash buyer. Our instincts were right that’s obvious from the tremendous demand we’re seeing today.”
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.