Landis, which is helping renters to become homeowners, has closed its Series B funding round on $40m.
GV, which was formerly Google Ventures, served as the lead investor. Additional contributions came from existing backers Sequoia Capital, Jay Z’s Roc Nation fund Arrive, the National Association of REALTORS’s Second Century Ventures, Operator Partners, Signia Ventures and Team Builder Ventures.
This capital will help Landis bolster its growth and expand its coaching program.
Landis stated that $2m has been earmarked specifically to expand the breadth of its coach program. Its coaching services offer personalised and consistent one-on-one support as clients work towards improving their credit history and building their savings for a down payment. When a client hits their goals, they can get a mortgage and become homeowners.
The platform works by Landis buying a home on behalf of the client, who then rents the home from Landis. During this time, the client prepares for a mortgage with Landis acting as a personal coach. When ready, the client can repurchase the home from Landis.
Landis claims that its pre-set buyback prices give clients certainty over their down payment targets.
GV partner Brian Bendett said, “It’s our goal at GV to partner with category-defining companies capable of changing a sector.
“Landis provides Americans with the confidence and security needed as they transition to owning their home. The impact Landis is having in such a difficult housing market is inspiring. We’re thrilled to be part of the journey with Cyril and the team.”
Landis previously raised $165m in its Series A round in July 2021. The funding round was backed by Jay Z and Will Smith. Since then, it has seen applications to the platform increase by seven times.
The PropTech company has raised a total of $222m since it was launched.
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