Offerpad is on a mission to revolutionize the home-buying and selling process, and now the Arizona-based iBuyer has fistfuls of cash to realize that goal.
The company recently announced that it closed a successful round of Series C financing, bringing the total amount of equity and debt capital it has raised since its launch 3.5 years ago to $975 million.
Offerpad said the Series C round was led by a new investor, but it declined to name that investor or the specific amount raised.
Late last year, the company secured funding from Citi in the form of a warehouse facility and landed $150 million in funding.
Offerpad is part of a new wave of so-called iBuyers, which seek to simplify the way Americans buy and sell homes by streamlining and digitizing the process, eliminating the middlemen along the way.
Offerpad’s strategy is to buy homes directly from sellers – submitting an offer within 24 hours and completing all the paperwork entirely online – and then making any necessary improvements to the property before selling it.
Currently, the company operates in Atlanta, Charlotte, Dallas-Fort Worth, Houston, Las Vegas, Los Angeles, Orlando, Phoenix, Raleigh, Salt Lake City, Tampa, Tucson and – just recently – San Antonio.
Offerpad said the latest capital raise will allow it to double the number of cities is services in 2019 and again in 2020.
“Since Offerpad’s early days, we’ve been fortunate to attract the confidence of excellent investors,” said Offerpad CEO Brian Bair. “Having such positive partnerships with our lasting and new investors presents us with the exciting opportunity and ability to do more for homeowners around the country as we expand.”