HomeLight raises $20 million to expand Buy Before You Sell product
Proptech HomeLight has raised $20 million to expand the offering of its Buy Before You Sell product to mortgage lenders and brokers in 40 new states, the company announced Monday.
Zeev Venturesan early-stage venture capital fund, led its Series D expansion, and was joined by Stereo capital And Menlo Ventures. According to Crunch base According to estimates, HomeLight has raised $762.5 million in 15 funding rounds from 25 investors since its founding in 2012.
HousingWire reported that the company raised $115 million in June 2022 – $60 million in equity and $55 million in debt – as it acquired the Denver-based lender Accept.inc.
That was the company’s third acquisition. In 2019, HomeLight acquired Evea digital mortgage lending startup. The following year it acquired Disclosures.io, an innovative provider of listing management tools.
HomeLight, based in Scottsdale, Arizona, uses artificial intelligence (AI) to enable homebuyers to release up to 70% of the equity in their homes with the goal of selling their current property and purchasing a new home.
Drew Uher, founder and CEO of HomeLight, said the product has “blown away” the company’s expectations. The company is “deeply focused on building the tools and technology that solve the toughest problems lenders face in underwriting today,” Uher said in a statement.
A total of 40 lenders use the product, including: The Loan Shop And Lumines home loanswhich is available in 46 states and Washington, DC, according to HomeLight.
The company claims that a network of more than 10,000 loan officers and 28,000 top real estate agents offer the product, which has helped unlock more than $655 million in equity.
HomeLight has offices in Scottsdale, San Francisco, Dallas and Chicago. The other investors include Group 11, Crosslink capital, Bullpen Capital, Assembly companies, Citi Companies and Google Ventures.
