Real estate technology firm Perch has rebranded as Orchard while raising $36 million in new equity funding led by Navitas, with participation from FirstMark, Juxtapose and Accomplice, the company announced on Tuesday (Jan. 7).
Orchard aims to disrupt the residential real estate market with its vertically integrated platform for buying and selling homes. The company is now live in three markets, and plans to use the Series B funding to bolster its staff and invest in technology. The fresh equity brings the company’s total capital raised to $69 million.
“Orchard is now one of the only companies in the country to deliver a delightful end-to-end homebuying experience including AI-driven home discovery, the ability to buy before you sell and an all-digital closing,” said Court Cunningham, co-founder and CEO.
He added that the name change from Perch to Orchard came about as their services evolved: “ … we took the opportunity to rethink our name and choose a brand that reflects the things our customers tell us they love about us: warmth, friendliness and humanity.”
With Orchard, people can buy a new home before selling their old home by using Orchard's cash. The company then takes care of selling the customer’s old home. Orchard claims that 85 percent of the sales are made at market price rather than at a discount.
“Orchard removes the friction from a conundrum that millions of Americans face every year. Their platform’s streamlined, end-to-end customer experience is the best we’ve seen,” said Travis Putnam, managing partner at Navitas. “In getting to know Court and the Orchard team, what stood out most to us was their vision and their ability to execute.”
Founded in late 2017, Orchard has worked with over 1,000 customers and has a full-time staff of 150 throughout the U.S.
“Navitas brings deep real estate expertise to Orchard’s investor base. More importantly, they share our vision that today’s real estate transaction is outdated, fragmented and poorly served by a patchwork of different point solutions,” added Cunningham. “Consumers need a platform with a single digital backbone that can serve them through the entire transaction seamlessly – this is what Orchard is doing.”