HomeLight secures $40m Series B funding round

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fintech insurtech wealthtech regtech ai cybertech esg news

San Francisco-based HomeLight has secured $40m for its Series B funding round led by Menlo Ventures.

Other backers to the round included Citi Ventures, and existing investors Zeev Ventures, SGVC, Crosslink Capital and Innovation Endeavors.

Founded in 2012, the company is an online real estate marketplace which helps to connect a seller with the best rated agent within the area. Through the platform sellers can be matched with around $2 million agents, with 27 million transactions in the company database, to analyse the best suit for each seller.

For buyers, the platform offers a strategic advisor to help with the legal process, identify opportunities, and employ sophisticated negotiation tactics.

This latest injection of capital will be used to continue growth, with plans to double the company’s staff numbers across its San Francisco and Phoenix offices. The funds will also be used to refine its platform and enhance the customer’s experience.

Menlo Ventures principal Tyler Sosin said, “Menlo has become increasingly interested in the real estate tech market. While the ecosystem is populated with companies covering many of the aspects of the process, we see a huge hole when it comes to services for the home seller.”

Following the investment, Menlo Ventures’ Venky Ganesan and SGVC’s Dovi Frances will join HomeLight’s board of observers.

Total capital raised by the company has reached $55m, with the company picking up an $11m Series A last year. Since the investment in last April, the company has grown its revenue by almost 500 per cent, and now adds more than 1,000 agent partners a month.

Copyright © 2017 FinTech Global

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