San Francisco based housing finance company Landed has bagged a Series A financing worth $7.5 million. The platform helps educators and teachers to buy houses in expensive markets like the Bay Area, Denver, Seattle, and Southern California.
The fresh financing was led by Initialized Capital which takes the total amount raised by the company to $11.6 million. The other backers who have infused capital during the earlier financing include the names of Ulu Ventures, Lowe's Ventures, Peter Livingston, Clocktower Technology Ventures, Comcast Ventures, Tyler Scriven, Elefund, OVO fund, Arab Angel Fund.
Launched by Alex Lofton, Jesse Vaughan, and Jonathan Asmis, the company helps in offering down payments. There have been reports of teachers quitting the jobs as there is a lack of stable housing for them. And that was the reason Alex Lofton says they founded the firm. Lofton talking on the same said, “Our mission is to help these people build financial security and help them remain committed to their communities. We try to stay flexible to people’s realities. We don’t require people to buy in any particular city.”
The company offers support of $120,000 as the maximum amount for the properties in the Bay Area. the company doesn't have any income restrictions for the teachers, unlike other housing programs. It claims to have helped more than 200 teachers buy houses in the San Francisco Bay Area, Denver, and Seattle.
Kim Mai-Cutler, a partner at Initialized Capital commenting on the development through a statement said, “I’ve followed the team at Landed for several years in their mission of providing more equitable access to homeownership to some of the most important community members – our educators and teachers. Not only is Landed attacking a profound issue affecting teacher retention in metros and school districts throughout the country, but this is also a promising market opportunity to build a trusted brand and institution to help essential professionals achieve their lifetime financial goals.”
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