Roofstock, a well-liked on-line actual property funding market primarily based in Oakland City in California, introduced final Friday that it raised $240 million in a Series E fairness financing spherical led by SoftBank Vision Fund 2.
The funding provides the corporate a valuation of $1.94 billion. Existing and new traders contain over a dozen of companies, together with Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures, Canvas Ventures, Citi Ventures, First American Financial and so on. DoorDash Angels additionally participated in the funding spherical.
Roofstock disclosed that it plans to use the contemporary funding to speed up its progress. The actual property agency intends to use the capital to double the headcount of its employees, together with hiring throughout all roles from engineering and product to advertising, analytics, and operations.
Roofstock additionally needs to use the funds to convey extra industry-leading options to the market and enhance accessibility and liquidity in the true property asset class. The firm intends to develop services and products to optimize portfolios, broaden its property administration footprint, remodel into different types of actual property investing, and develop its suite of providers for landlords to embrace analytics and banking-related providers.
Roofstock additionally mentioned that the contemporary funding would assist broaden its strategic M&A efforts on prime of the three earlier acquisitions that the agency accomplished since its inception, together with Streetlane Homes, Stessa, and Great Jones.
Gary Beasley, CEO and co-founder of Roofstock, talked concerning the improvement and mentioned: “We’re grateful for the continued support from our new and existing investors and stakeholders who share our vision to make this a modern, radically accessible asset class. I could not be more excited to welcome our partners from SoftBank to join us on this ambitious journey.”
Democratizing Real Estate Investing
Founded in March 2015, Roofstock is a web based actual property market that continues serving shoppers who’re wanting to buy and promote rental properties, together with single-family leases, amongst others.
Last August, Roofstock acquired property administration tech platform Great Jones to simplify property administration for its quickly rising person base of distant retail traders.
The actual property funding market grows quickly with modern choices and new markets. In 2019, Roofstock achieved many key progress milestones, together with greater than doubling its investor base in beneath a 12 months by 126%, and 75% of its customers have been first-time actual property traders.
Roofstock’s revolutionary mannequin equips clients with the instruments and assets required to get began, scale-up in actual property investing and rental portfolios, and in-depth evaluation to assist new and seasoned traders discover properties with ease. The market continues attracting a brand new era of traders that need the passive returns actual property gives with the liberty to deal with their investments like a inventory portfolio.
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