Back in October, Roofstock, an online marketplace for single-family rental home investing, announced it raised $35 million from seven different investors in its Series C round of funding.
But, more investors apparently wanted the chance to fund the platform for buying, owning, and selling single-family rentals.
As a result, Roofstock announced Thursday that it upsized its Series C funding round from $35 million to $42 million to “accommodate demand from insiders and two new strategic investors.”
The two new investors are SVB Capital and Asia Pacific Land Ltd.
According to the company, Roofstock has now raised $75.25 million since launching in 2016 from venture firms and angel investors including Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners, Canvas Ventures, QED Investors, Nyca Partners, and FJ Labs, along with the new investors.
As part of the announcement of the new funding, Roofstock also announced that it recently surpassed $1 billion in property transactions since launching its marketplace in early 2016.
“Reaching this significant $1 billion milestone is an excellent finish to an already successful year,” Gregor Watson, co-founder and chairman of Roofstock, said. “The company exceeded our aggressive business goals in 2017, and our recent funding round and upsizing will allow us to continue to expand our dynamic marketplace to new audiences.”
Roofstock also stated that it more than doubled its footprint of active markets in 2017.
“Since inception, Roofstock has focused on democratizing the SFR market by offering radical transparency, dramatic cost savings and state-of-the-art tools for investors of all kinds that were previously only available to large institutions,” said Gary Beasley, co-founder and chief executive officer of Roofstock.
“We’re obviously encouraged by the early traction of our marketplace and are more optimistic than ever about our future as we continue to work to deliver relevant products and services to our growing community of marketplace customers,” Beasley added.
The company said that it plans to continue its growth in 2018, including rolling out multiple new markets and platform offerings in the next few months.
"We're always looking to invest in companies like Roofstock that solve a real problem and bring innovation to massive sectors ripe for innovative solutions,” said Matt Harris, managing director, Bain Capital Ventures. "Roofstock’s incredible growth to date proves the team is onto something that really resonates with individual and institutional investors alike.”