Total amount raised
$472 Million
Latest funding date
9/1/2021
Location
Orchard has successfully navigated 7 funding rounds, attracting the support of 18 investors, including Trajectory Ventures and Sand Hill Angels. The company specializes in buying and selling homes, offering services that allow customers to purchase their next home before selling their current one.
Orchard's innovative approach includes features like guaranteed backup offers and pre-list renovations, ensuring a stress-free home selling experience. Keep reading to explore the intricacies of Orchard's fundraising journey and the investors backing this real estate platform.
What Is Orchard?
Orchard is a real estate company based in New York, New York, specializing in buying and selling homes. The company operates in multiple cities, including Atlanta, Austin, Dallas-Fort Worth, Denver, Houston, San Antonio, Seattle, Phoenix, Nashville, San Diego, and Orlando.
Founded as a private entity, Orchard has grown to employ between 251 and 500 people. The company offers innovative services like "Move First," "FastTrack," "List With Orchard," and "Cash Offer Marketplace" to ensure a seamless home buying and selling experience.
How Much Funding Has Orchard Raised?
- Series A
- Amount Raised: USD 10,000,000
- Date: May 2018
- Lead Investors: FirstMark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their core product, "Move First," which allows customers to buy their next home before selling their current one.
- Debt Financing
- Amount Raised: USD 20,000,000
- Date: May 2018
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the financial operations and liquidity needed for their "Move First" service.
- Series B
- Amount Raised: USD 20,000,000
- Date: April 2019
- Lead Investors: FirstMark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market presence and enhance their service offerings.
- Debt Financing
- Amount Raised: USD 200,000,000
- Date: April 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide the necessary capital for their home buying and selling operations.
- Series B
- Amount Raised: USD 36,000,000
- Date: January 2020
- Lead Investors: Navitas Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale their operations and improve their technology platform.
- Series C
- Amount Raised: USD 86,000,000
- Date: September 2020
- Lead Investors: Revolution Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and enhance their service offerings.
- Series D
- Amount Raised: USD 100,000,000
- Date: September 2021
- Lead Investors: Accomplice
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To expand into four new markets in 2022 and launch new services, aiming to become the dominant consumer brand in home buying and selling.
Total Amount Raised: USD 472,000,000. Current Valuation: Over $1 billion.
Key Investors
- Accomplice
- Details: Accomplice is a seed-led venture capital firm that embraces risk. They have been involved in backing numerous successful startups.
- Investment Focus Areas: Technology, innovation, early-stage companies.
- Notable Investments: AngelList, Carbon Black, DraftKings.
- FirstMark
- Details: FirstMark is a venture capital firm known for investing in early-stage technology companies. They have a history of supporting high-growth startups.
- Investment Focus Areas: Technology, innovation, early-stage companies.
- Notable Investments: Pinterest, Shopify, Riot Games.
- Revolution Growth
- Details: Revolution Growth is a venture capital firm that focuses on companies outside of traditional tech hubs. They aim to support disruptive businesses.
- Investment Focus Areas: Technology, innovation, emerging tech hubs.
- Notable Investments: Sweetgreen, DraftKings, Zipline.
- First American
- Details: First American is a financial services company specializing in real estate and mortgage solutions. They provide a range of services including title insurance.
- Investment Focus Areas: Real estate, mortgage solutions, financial services.
- Notable Investments: Primarily invests in real estate and mortgage-related ventures.
- Juxtapose
- Details: Juxtapose is a venture capital firm that often co-founds and builds businesses from the ground up. They focus on early-stage companies.
- Investment Focus Areas: Technology, innovation, early-stage companies.
- Notable Investments: Care/of, Tend.
What's Next for Orchard?
Orchard's future looks promising as it plans to expand into four new markets in 2022, leveraging its recent $100 million Series D funding. This expansion, coupled with the introduction of new services like an offer management tool, positions Orchard to become a dominant consumer brand in the home buying and selling market.
With a valuation exceeding $1 billion, Orchard is well-placed for future fundraising opportunities. The company is laying the groundwork for a potential IPO, attracting continued interest from both existing and new investors. However, Orchard will need to navigate challenges such as competition from other proptech startups and managing rapid growth effectively.
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