PropTech FinTech HomeLight Nets $363M, Ups Valuation To $1.6B

Real estate technology platform HomeLight on Thursday (Sept. 2) announced a new $363 million round of funding. Led by Zeev Ventures — with participation from Group 11, Stereo Capital, Menlo Ventures and Lydia Jett of the SoftBank Vision Fund — the round includes $100 million of Series D equity and $263 million in debt financing, according to the company.

Funds are earmarked to broaden the reach of the 9-year-old company’s technology platform for real estate agents across the country — particularly for its signature offerings, HomeLight Cash Offer and HomeLight Trade-In. The company also intends to hire more staff and open new offices in the U.S. and abroad.

The latest funding round brings the California-based company’s funding to roughly $530 million, and increases its valuation to $1.6 billion, according to HomeLight.

Founder and CEO Drew Uher started HomeLight with the goal of offering “the contingency-free real estate transaction of the future,” he previously told PYMNTS. Its Cash Offer product, for instance, allows a buyer who needs a mortgage to make a cash offer on a home, which makes them more competitive and increases the likelihood of securing the purchase.

Read more: Buyers and Sellers Put Out Welcome Mat for Real Estate Closings Without Contingencies

“After decades of stagnation in our industry, how we buy and sell homes is fundamentally changing,” Uher said in Thursday’s announcement. “We’ve built the definitive platform that gives the best real estate agents and their clients the power of contingency-free transactions — whether that’s enabling an all-cash offer, unlocking liquidity of an existing home to buy a new one, or creating certainty through a modern closing process.”

The contingency-free concept appears to be taking off. HomeLight partners with 28,000 real estate agents across the country, according to the company’s website. The HomeLight platform supports more than $1 billion in real estate transactions each year. To date, the company has worked with more than one million homebuyers.

HomeLight’s most recent funding round comes on the heels of annual revenue on par to triple to more than $300 million in 2021.