PropTech platform Ribbon has raised $330m in a mix of equity and debt and the opportunity to secure a further $220m.
The flush of capital was made up of a $30m Series B round which was led by Greylock. Goldman Sachs supplied the remaining $300m in a debt facility which can be increased by a further $220m if certain parameters are met.
All of the PropTech’s previous investors, which includes Bain Capital Ventures, NFX, and NYCA, participated in the Series B, as well as first time backer Thomvest Ventures.
Ribbon eases the homebuying experience with an all in-cash guaranteed close through to “Ribbon Offer.” Buyers are pre-approved for a purchase and home valuations are completed within 24 hours. If a buyer is unable to secure a mortgage in time, Ribbon will buy it and reserve the home on their behalf and lease it to them for up to six months.
Ribbon currently operates in eight markets across four US states and is looking to expand into ten states by the end of 2020.
Greylock partner Josh McFarland said, “Buying a home – especially when you want to sell a current home and level up – can be a frustrating and stressful experience. By bringing technology to the homebuying experience, Ribbon makes it much easier for all parties involved,”
“Since leading the seed round, the Ribbon team hasn’t slowed down when it comes to innovating, and Greylock is thrilled to continue our support as the company builds new, transformative technology for the real estate industry and expands into more markets.”
Last year, Ribbon netted $225m in funding to support its growth across the US.
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