Mortgage

Real estate lending platform PeerStreet raises nearly $30 million

Funding led by new investor World Innovation Lab

PeerStreet, an online marketplace for real estate-backed loans, boasts some big names among its investors, including Silicon Valley venture capital firm Andreessen Horowitz and Michael Burry, one of the featured players in The Big Short.

Burry was one of PeerStreet’s first investors, investing in the company in 2015. Andreessen Horowitz, which previously invested in Facebook, Airbnb, Foursquare, Skype, and Twitter, led PeerStreet’s $15 million Series A funding round back in 2016.

Now, PeerStreet is adding more names to its investor roster, as the company announced Thursday that it raised $29.5 million in its Series B round of funding.

According to the company, the funding was led by World Innovation Lab, a “multi-stage venture capital firm” that invests in consumer and enterprise technology companies.

Andreessen Horowitz participated in this round of funding as well, along with other previous investors including Thomvest, Colchis Capital, and Felicis Ventures.

New investors Solon Mack and Navitas Capital also took part in the capital raise.

According to the company, it plans to use the new money to accelerate its growth, diversify the type of real estate loans it handles on its platform, and hire additional “world-class talent.”

PeerStreet, which was recently named to HousingWire Magazine’s HW Tech100 as one to the top technology companies in the housing industry, connects lenders with investors and provides them with short term, real estate-backed loans.

According to the company, PeerStreet has funded over $900 million in loan volume to date and more than doubled its loan volume from 2016 to 2017.

Brett Crosby, PeerStreet’s co-founder and chief operating officer, said that the company’s platform helps lenders provide more capital to borrowers who are improving the condition of the country’s housing stock.

“We’re incredibly excited to add World Innovation Lab to our growing list of remarkable investors,” Brew Johnson, PeerStreet’s CEO and co-founder, said. “This investment validates our mission and will enable us to continue our growth with the goal of reshaping real estate finance for the better.”

Most Popular Articles

NAR bans “pocket listings”

The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”

Nov 12, 2019 By

Latest Articles

Redfin: Bidding war competition drops to 10-year low in October

Although the nation’s low-interest rates continue to drive purchasing demand, a report from Redfin indicates America’s bidding competition weakened in October.

Nov 13, 2019 By