RenoFi, an AI-enabled renovation financing platform, has closed a $22m Series B funding round, bringing its total capital raised to $65m.
The round was led by Fifth Wall, an asset manager investing at the intersection of real estate and technology, with participation from Progressive Insurance alongside HighSage Ventures, Alumni Ventures, Flintlock Capital and Gaingels.
Existing backers Canaan, First Round Capital, Curql, TruStage Ventures also continued their support, joined by a network of credit union partners including Ardent Credit Union, Chartway Credit Union, First Community Credit Union and USALLIANCE Financial.
RenoFi intends to use the proceeds to more than triple its distributed retail team of renovation financing specialists over the next year, while deepening partnerships with credit unions and embedded financing platforms.
The company is also accelerating development of its platform, described as an orchestration layer for mortgage lending that combines modern credit underwriting with a proprietary AI-enabled renovation underwriting engine to unlock After Renovation Value (ARV) financing. The goal is to move towards near-real-time approvals for renovation loans, replacing what has historically been a slow and cumbersome process.
Founded in 2018 by Justin Goldman, Robert Shedd and Lee Miller and headquartered in Philadelphia, RenoFi created what it describes as the world’s first Renovation Home Equity Line of Credit (HELOC), a product that uses a property’s ARV rather than its current value to determine borrowing power. This approach allows equity-light homeowners — particularly recent buyers — to access on average 11 times more borrowing power without refinancing their existing mortgage. The company is now licensed in 48 states as a mortgage originator and attracts more than 10,000 new homeowners to its platform each month.
Since its inception, RenoFi has facilitated over 8,000 renovation loans, representing more than $1.5bn in funded loans and $2bn in renovation project value analysed through its proprietary underwriting platform. The company offers a full suite of products including home equity loans, purchase loans, cash-out refinance loans, construction loans, personal loans and investment property financing.
RenoFi co-founder and CEO Justin Goldman said, “Millions of homeowners want to renovate, but many lack the equity to borrow what they need.
“Robert, Lee and I built RenoFi to fix that. By creating the world’s first Renovation HELOC, building technology for the incredibly manual mortgage process, and partnering with a network of trusted credit unions, we’ve made it possible for homeowners to fund their dream projects without draining savings, racking up high interest rate debt or giving up their low-rate mortgage. This new capital will allow us to meaningfully scale our team, grow embedded financing partnerships, and help millions of more families to turn renovation plans into reality.”
Fifth Wall partner Dan Wenhold said, “RenoFi is transforming how homeowners finance and ultimately plan renovations.
“By enabling unmatched access to capital, particularly for the underserved segment of equity-light homeowners, RenoFi is making more renovations possible and unlocking growth across the $500B home improvement market. We are excited to partner with RenoFi to help them accelerate this momentum.”
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