PropTech Funding: Ribbon Lands $150M; Pacaso Nets $125M

Real estate platform Ribbon on Tuesday (Sept. 14) announced that it has generated $150 million, comprised of $75 million in Series C equity financing and $75 million in additional working capital. The funding round was led by Greenspring Associates, with contributions from current investors Greylock, Bain Capital Ventures, NFX, Nyca, Thomvest and Jake Seid.

With the latest round of funding, the 4-year-old New York-based company intends to handle more than $10 billion in yearly home transactions, while broadening its reach into new states, according to a press release.

Ribbon’s announcement follows a recent PYMNTS report about how Ribbon is working to help homebuyers speed up the underwriting process amid the pandemic and a booming real estate market.

See more: Real Estate Tech Platform Ribbon Brings Cash Solution to White-Hot Market

According to PYMNTS, Ribbon can underwrite a mortgage quicker than a traditional lender, offering approval in approximately one hour.

While Ribbon helps homebuyers speed up the process of buying their initial home, the Pacaso real estate platform is focused on assisting buyers with purchasing a second home. On Tuesday (Sept. 14), Pacaso announced that it has generated $125 million in Series C funding, driving the company’s valuation to $1.5 billion and its total equity funding to more than $215 million.

Pacaso’s latest funding round was led by SoftBank, with additional funding provided by Fifth Wall, Gaingels and previous investors Greycroft, Global Founders Capital, Crosscut and 75 & Sunny Ventures. The company plans to expand into Spain by year’s end and subsequently into other European markets.

Just six months after launching, Pacaso’s March funding round generated $75 million and pushed its value to $1 billion, as PYMNTS reported.

Related news: Vacation Home Startup Pacaso Raises $75M at $1B Valuation

Pacaso has increased its domestic market reach two-fold, with operations in 25 popular destinations for second homes, including Napa, Lake Tahoe, Aspen, Malibu and Miami. The company manages close to $200 million in real estate annually on its platform, according to the press release.