PropTech Orchard has secured $69m in Series C round led by Revolution Growth to fund the expansion of its services.
Orchard’s existing investors FirstMark, Navitas, Accomplice and Juxtapose also backed the round that brought the total invested into the startup to $138m. In January, FinTech Global reported that Perch had changed its name to Orchard on the back of a $36m investment from Navitas, FirstMark, Juxtapose and Accomplice.
Orchard will use the new money to further develop its product offerings and expand its team in New York, Texas, Colorado, and Georgia. Additionally, after two successful new market launches in Denver and Atlanta, Orchard plans to expand its services to more states to serve more customers in the next year.
The company was founded in 2017 with the aim to revolutionise the home buying experience from search to close. The company’s core service offering, Move First, enables customers to purchase properties and move in before they’ve sold their current one.
“Our vision is to bring real estate into the modern age by allowing customers to manage their entire experience through one simple digital platform,” said Court Cunningham (pictured), CEO and co-founder of Orchard. “In the same way Amazon has fundamentally changed retail and Carvana has innovated the car buying experience, Orchard is putting the customer first and modernising the home buying and selling transaction.
“We’re thrilled to have a partner in Revolution Growth who has extensive experience working with transformative growth stage consumer businesses that are upending traditional industries. In the year ahead, we’ll be launching an exciting suite of new products and services that further modernize the home purchase experience, while also offering our services to new markets throughout the country.”
Patrick Conroy, principal at Revolution Growth who is joining the board of Orchard, added, “Orchard has dramatically simplified the customer experience for home buying – the ultimate considered purchase that is too often an antiquated and stressful process. The trillion dollar residential real estate industry has long been dominated by legacy brokerage firms with limited platform technology and inconsistent franchise operations.
“Orchard’s integrated model and tech-forward approach offers the modern consumer the right balance of intuitive e-commerce functionality and expert human assistance from local home advisors.”
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