The online real estate market Ribbon has netted $225m to support the its growth across the US.
North Carolina-headquartered company is looking to move into 10 new markets by the end of 2019. The platform is already operational in New York, North Carolina and South Carolina.
Its focus will be on markets where homebuyers have the toughest time finding homes and have to compete against investors and corporate buyers, according to the company.
Investors to this round include Bain Capital Ventures, Greylock, NFX and NYCA.
Ribbon is an online real estate marketplace which provides homebuyers with a transparent and simplified process. If a homebuyer is unable to secure a mortgage before the deal closes, Ribbon will step in and purchase the home and rent the property to the new owner until they can get a mortgage.
The platform gives a same-day, free professional valuation to help remove appraisal risk and helps buyers make cash savings when purchasing through the app, which is free to use for buyers.
Ribbon CEO Shaival Shah said, “Buying a home is a milestone to be celebrated and enjoyed. However, if you are a first-time homebuyer or you need to sell your existing home prior to buying a new home, the current homebuying process is an intimidating and stressful experience.
“We solve this problem by buying and reserving a home for a family, so they can secure their mortgage in peace without the risk of losing the home they love. For the first time, we are bringing simplicity to the real estate transaction by absorbing all risk, so buyers, sellers and Realtors can focus on the joy of the home buying and selling experience.”
Earlier in the year, Bain Capital participated in the $100m Series D funding round of international payments company Flywire. The company offers a global payment network and processing platform which helped to process around $8bn in transactions.
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