Home buying and selling platform Perch, the company based out of New York has announced picking up $220 million in an equity and debt financing. FirstMark Capital, the existing backer of the firm led the round while the other that included Accomplice and Juxtapose participated in the equity round. The firm didn’t disclose the backers involved in debt financing.
$20 million which has come in the form of equity will be used to fund the company operations while the remaining $200 million will help the company in home purchasing. With this round of capital infusion, the total amount raised by the firm now stands at $250 million. Juxtapose is another backer of the firm who has been involved in the funding from the seed investment round.
Perch was founded in 2017 by Court Cunningham and Phil DeGisi as a platform which will transform the procedure of buying and selling of homes. The company offers iBuyer services in San Antonio and Dallas-Fort Worth, Texas. The company helps customers who want to sell a house and then buy a new one, terming it as “dual trackers". Perch buys the house and helps them get a new one and charge a brokerage fee.
Announcing the funding through a blog post, Cunningham wrote, “We are solving one of the biggest problems in residential real estate – the inability of homeowners to line up the sale of their old home with the purchase of their new home. In the year ahead, Perch will continue to delight customers by bringing the entire home purchase experience, from discovery to closing, into the modern era.”
The company has been on a hiring spree as it has grown the team to over 70 people with a few of the names for the bigger positions in the company. With fresh funds coming, we might get to see the firm expand even quickly now.
Image Courtesy : perch