Total amount raised
$667 Millions
Latest funding date
10/01/2024
Location
Hometap has successfully raised significant funding through multiple rounds, enabling it to offer innovative home equity investment solutions. The platform allows homeowners to access their home equity without the burden of monthly payments or additional debt.
Keep reading to explore the intricacies of Hometap's fundraising journey and the investors backing this innovative platform.
What Is Hometap?
Hometap, founded in 2017, is a fintech company based in Boston, Massachusetts. The company offers home equity investments, allowing homeowners to access their home equity without taking on debt or making monthly payments. Hometap was founded by Andrew Miller, Charlie Vrettos, Jeffrey Glass, and Maxwell P. Campion, and currently employs between 101-250 people.
How Much Funding Has Hometap Raised?
- Series A
- Amount Raised: $12M
- Date: April 2018
- Lead Investors: G20 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the platform.
- Series B
- Amount Raised: $100M
- Date: December 2019
- Lead Investors: ICONIQ Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and increase market reach.
- Venture Round
- Amount Raised: $60M
- Date: December 2021
- Lead Investors: American Family Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To hire top talent, scale a channel partner program, and introduce new financing products.
- Debt Financing
- Amount Raised: $217M
- Date: June 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand financial capabilities and market reach.
- Debt Financing
- Amount Raised: $278M
- Date: October 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance financial capabilities and support growth initiatives.
Total Amount Raised: $667M. Current Valuation: Not publicly disclosed.
Key Investors
- American Family Ventures
- Details: The venture capital arm of American Family Insurance. They invest in early-stage companies in the insurance, financial services, and adjacent sectors.
- Investment Focus Areas: Insurance, financial services, technology.
- Notable Investments: Clearcover, Branch, Bunker.
- Bain Capital
- Details: A global private investment firm that invests across multiple asset classes including private equity, credit, public equity, venture capital, and real estate.
- Investment Focus Areas: Healthcare, technology, consumer products.
- Notable Investments: LinkedIn, Jet.com, Virgin Voyages.
- ICONIQ Capital, LLC
- Details: A privately-held investment firm and multi-family office that provides financial advisory and family office services, and invests in technology and growth-stage companies.
- Investment Focus Areas: Technology, financial services, growth-stage companies.
- Notable Investments: Uber, Airbnb, Snowflake.
- G20 Ventures
- Details: A venture capital firm that invests in early-stage technology companies in the Northeastern United States.
- Investment Focus Areas: Technology, cybersecurity, enterprise software.
- Notable Investments: Cybereason, NS1, RiskRecon.
- General Catalyst
- Details: A venture capital firm that invests in early-stage and growth-stage companies across various sectors including technology, healthcare, and consumer products.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Stripe, Airbnb, Snap Inc.
What's Next for Hometap?
Hometap is poised for significant growth, with opportunities to hire top talent, scale its channel partner program, and introduce new financing products. The company plans to expand operations nationwide, capitalizing on the increasing demand for alternative financing solutions that provide liquidity without debt.
Future fundraising rounds are likely as Hometap continues to grow and scale. The company’s recent success in raising $60 million suggests strong investor confidence, which could pave the way for additional capital to support further expansion and product development.
However, Hometap may face challenges such as competition from other fintech companies, market fluctuations affecting home values, and regulatory changes. Navigating these hurdles while maintaining high customer satisfaction will be crucial for sustained growth.
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