California-based real estate investment platform Roofstock has closed a $35m Series C funding round led by Canvas Ventures.
Other backers participating in the round include Lightspeed Venture Partners, Bain Capital Ventures, Khosla Ventures, Nyca Partners, QED Investors, and FJ Labs.
Roofstock is an online marketplace for buying and selling leased single-family rental homes. Sellers are able to receive lower commissions and earn rental income until the sale of the property, while avoiding hassle and costs of vacating the property as with traditional sale methods. On the platform, Investors have a network of certified property managers to help manage their portfolio.
Recently the company has launched a range of new services including tools to predict future financial scenarios, property neighbourhood rating system and a self-service tool to help sells optimise listing prices and received offers.
With this new wave of equity, the company plans to expand its product into new markets, accelerate development of current features. Roofstock also hopes the capital will help it keep up with the increased levels of customer demand.
Canvas Ventures general partner Rebecca Lynn said, “We were drawn to Roofstock because we saw parallels with Lending Club and Houzz. Both are multi-billion-dollar companies reinventing their industries with innovative marketplace models.â€
“We see significant opportunity in the single-family rental-home investment sector, and have a great deal of confidence in the experienced Roofstock team,â€
Following this new round of funding, total capital raised by Roofstock has reached around $68m, with the company receiving a $20m Series B funding round.
Other companies currently in Canvas Ventures’ portfolio include digital investment advisor FutureAdvisor and Totango, a Customer Success platform for recurring-revenue businesses.
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