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Proptech

HomeLight secures $363M to reimagine real estate

Round includes $100 million of Series D equity and $263 million in debt financing

Bay Area-based HomeLight, a proptech platform aimed at expediting and simplifying the real estate process, announced it has raised a combined total of $363 million in new funding.

According to a Thursday release, the round was led by Zeev Ventures – the same VC to lead HomeLight’s $109 million Series C back in 2019. Zeev was also an initial investor in the proptech’s 2017 Series B. Other repeat investors in its most recent round included Menlo Ventures, Group 11 and Stereo Capital. Lydia Jett of the SoftBank Vision Fund also participated.

The round includes $100 million of Series D equity and $263 million in debt financing – boosting HomeLight’s valuation to the tune of $1.6 billion, the company claimed.

HomeLight’s tech lives amid the iBuyer realm with the likes of other heavy hitters Zillow and Opendoor. The company works to make purchasing a home easier by fronting prospective buyers the funds to make all-cash offers. It also allows sellers access to a network of pre-approved buyers to expedite the process.

HomeLight claims that it has built a “faster application and underwriting process” that allows the company to guarantee that it can close a loan in 21 days with “zero lender fees and transparent rates.”

Now, with a new wave of funding in the bank, HomeLight said it plans to continue accelerating its flagship tech:

  • HomeLight Trade-In – which assists buyers in unlocking liquidity from their current home to buy their new home,
  • And HomeLight Cash Offer – its service that provides buyers with the funds to make just that…an all-cash offer.

“After decades of stagnation in our industry, how we buy and sell homes is fundamentally changing,” said Drew Uher, Founder and CEO of HomeLight.

“We’ve proven that technology can help transform the transaction experience, and we couldn’t be more excited to bring that technology to top agents, homebuyers, and sellers everywhere.”

The company also said its making arrangements to expand new offices both nationally and even globally.

Since its 2019 Series B, HomeLight has seen quite the upwards projection. According to the release, it’s experienced exponential growth in the past two years and expects annual revenue to triple to more than $300 million in 2021.

In June, the company appointed Sean Aggarwal, the chairman of Lyft Inc. and former chief financial officer of Trulia, to its board around the same time sources told Bloomberg the company was weighing options for going public.

HomeLight was last valued at $498 million according to PitchBook data, though the company is expected to debut at a premium, The Real Deal reported.

“When I first led HomeLight’s Series A in 2015, I believed deeply in the team’s vision of making real estate simpler, more certain, and satisfying for everyone involved,” said Oren Zeev, Founding Partner at Zeev Ventures. “Today, HomeLight has delivered on that promise and more.”

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