Flyhomes pulls in $141m in funding to support Trade Up product launch

Flyhomes, an online platform aimed at reinventing the home buying process, has collected $141m in financing.

Of the new capital, $21m comes through a Series B round led by Canvas Ventures. Participation also came from previous Flyhomes backer Andreessen Horowitz (a16z).

The remaining $120m was a debt facility supplied by numerous lenders including Genesis Capital, who originates loans on behalf of Goldman Sachs Bank USA.

Alongside the funding, the PropTech has released its newest product, the Trade Up program. The service is available to homebuyers in Seattle and San Francisco which are looking to buy their next property.

It works by giving the homeowner a guaranteed minimum selling price for their current property, enabling them to determine a budget for their new one. Flyhomes will then help the customer search for a new property and buy the house on their behalf.

After this, if the property they are selling through Flyhomes does not sell within 90 says, the PropTech platform will purchase it for the guaranteed minimum price.

With the fresh funds, the company will scale up its Trade Up program to ease homeowners buying a home, expand its operations to new cities across the US, double its staff headcount, and help more US consumers.

Canvas Ventures partner Mike Ghaffary said, ?We have strong conviction in Flyhomes ability to reinvent real estate, a process that has seen little innovation in our lifetimes.

?Flyhomes offers a full-service real estate resource unlike anything currently available and allows consumers to be more competitive in the home buying market. Their all-cash offer not only helps people buy a home, but it also helps them win over 68% more than traditional brokerage firms. The new Trade Up program from Flyhomes also now provides a minimum guaranteed price on an old home to give consumers the confidence to buy a new home they can afford.p>

Copyright ? 2019 FinTech Global

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