Home buying marketplace Perch has rebranded itself to Orchard in conjunction with a new $36m investment. Â
The new round was led by Navitas, with contributions also coming from FirstMark, Juxtapose and Accomplice.
With the capital infusion, Orchard is hoping to bolster its product innovation, hiring and growth.
Founded in 2017, Orchard is an online marketplace for the buying and selling of homes which leverages data science and AI.
A customer can also use Orchard to secure their new home before they sell their old one. This works by a consumer answering a few questions about their home and future goals and after a free home inspection, they will be given a cash offer. Orchard will then help the consumer buy a new home which won’t need to be paid until the old house has sold.
Orchard co-founder and CEO Court Cunningham said, “Navitas brings deep real estate expertise to Orchard’s investor base. More importantly, they share our vision that today’s real estate transaction is outdated, fragmented, and poorly served by a patchwork of different point solutions.
“Consumers need a platform with a single digital backbone that can serve them through the entire transaction seamlessly – this is what Orchard is doing.â€
The company has seen a 10x year-over-year revenue growth and has served more than 1,000 customers.
Prior to this round, the PropTech platform closed a $220m investment last year to help it scale its services. The investment was supplied by FirstMark, Juxtapose and Accomplice, and comprised of a mixture of debt and equity.
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