Homeward
Total amount raised
$160 Millions
Latest funding date
May, 2021
Homeward
Location
Title
Homeward has successfully raised significant funding over multiple rounds, positioning itself as a notable player in the real estate finance sector. The platform offers innovative services such as making cash offers, buying before selling, and selling homes directly to Homeward.
Keep reading to explore the intricacies of Homeward's fundraising journey and the investors backing this transformative platform.
What Is Homeward?
Homeward, founded in 2018, is a real estate finance company based in Austin, Texas. The company was established by Tim Heyl, a seasoned real estate professional.
Homeward offers innovative financial services that allow home buyers to make cash offers, buy before selling, and sell directly to Homeward. This approach simplifies the home buying and selling process, making it more accessible and efficient.
With a growing team of over 200 employees, Homeward continues to expand its services and impact in the real estate market.
How Much Funding Has Homeward Raised?
- Series B
- Amount Raised: $136 million
- Date: May 2021
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Just north of $800 million
- Motivation Behind the Round: To scale up operations, meet high demand, and expand into additional markets.
- Debt Funding
- Amount Raised: $235 million
- Date: May 2021
- Motivation Behind the Round: To support operational needs and loan offerings to homebuyers.
- Equity Funding
- Amount Raised: $20 million
- Date: May 2020
- Lead Investors: Adams Street Partners, Javelin Venture Partners, LiveOak Venture Partners
- Motivation Behind the Round: To expand services in existing markets and plan for national expansion.
- Debt Funding
- Amount Raised: $85 million
- Date: May 2020
- Motivation Behind the Round: To support operational needs and loan offerings to homebuyers.
- Equity Funding
- Amount Raised: $4 million
- Date: July 2019
- Lead Investors: LiveOak Venture Partners
- Motivation Behind the Round: To improve web and mobile experience, scale operations, and expand nationwide.
- Debt Funding
- Amount Raised: $21 million
- Date: July 2019
- Lead Investors: Genesis Capital, Keystone Bank
- Motivation Behind the Round: To support operational needs and loan offerings to homebuyers.
Homeward has raised a total of $501 million in funding. The most recent valuation is just north of $800 million.
Key Investors
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage investment firm that has been investing in companies for over 60 years. Jeff Crowe, managing partner, will join Homeward’s board.
- Investment Focus Areas: Real estate, fintech, healthcare.
- Notable Investments: Uber, Spotify, Casper.
- Blackstone
- Details: Blackstone is one of the world’s leading investment firms, specializing in private equity, real estate, and alternative asset management. The firm participated in Homeward's equity financing.
- Investment Focus Areas: Real estate, private equity, alternative asset management.
- Notable Investments: Hilton Worldwide, Merlin Entertainments, Refinitiv.
- Breyer Capital
- Details: Breyer Capital is a global venture capital and private equity firm focused on catalyzing high-impact entrepreneurs. Jim Breyer describes Homeward as one of Austin's most innovative companies.
- Investment Focus Areas: Technology, finance, healthcare.
- Notable Investments: Facebook, Etsy, Marvel Entertainment.
- Adams Street Partners
- Details: Adams Street Partners is a private equity firm that provides growth equity and venture capital. They are an existing backer of Homeward.
- Investment Focus Areas: Growth equity, venture capital, private equity.
- Notable Investments: DocuSign, Magic Leap, Redfin.
- LiveOak Venture Partners
- Details: LiveOak Venture Partners is an Austin-based venture capital firm focused on early-stage investments. They led Homeward's $4 million equity funding round.
- Investment Focus Areas: Early-stage companies, real estate tech, Texas-based startups.
- Notable Investments: DISCO, OJO Labs, CS Disco.
What's Next for Homeward?
Homeward is poised to capitalize on the growing demand for all-cash offers in the competitive real estate market. With plans to expand its services nationwide, the company aims to double the size of its title and mortgage teams and integrate its software systems for a streamlined experience. This expansion presents a significant opportunity, given the company's impressive growth metrics, including a 600%+ increase in GMV run rate and a 9x growth in new customers.
Future fundraising efforts are likely as Homeward continues to scale. The company may seek additional equity or debt financing to support its ambitious growth plans and enhance its service offerings. However, challenges such as managing rapid growth, ensuring profitability, and navigating competition from other real estate and fintech companies could pose hurdles. Despite these challenges, Homeward's innovative approach and strong market position make it a promising player in the real estate finance sector.
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