Flyhomes announced Thursday it secured $150 million in series C funding, which it will use to expand to new markets while growing existing ones.
The five-year-old startup, which allows buyers to make offers while working to secure a mortgage, plans to use these funds to expand its current footprint and boost growth in its Boston, Seattle, San Francisco, Los Angeles, San Diego and other markets, according to HousingWire.com.
Flyhomes Cash Offer gives buyers a competitive edge to win bidding wars by turning them into all-cash buyers. The company also offers a buy-before-you-sell program, as well as a guarantee that the transaction will close, according to a company press release. The firm says if one of its buyers has to back out of a transaction, it will purchase the home, eliminating seller uncertainty.
“Flyhomes is building the world’s best homebuying experience,” Flyhomes CEO and cofounder Tushar Garg said. “We’ve already greatly simplified the process for buyers and empowered thousands of customers who previously struggled to win. We are thrilled to partner with Norwest Venture Partners and Battery Ventures, who both share our belief that today’s buyers deserve to realize their piece of the American dream.”
The funding round was co-led by venture-capital firms Norwest Venture Partners and Battery Ventures. Balyasny Asset Management, Fifth Wall, Trustbridge Partners, Camber Creek, Zillow co-founder Spencer Rascoff and existing investors Andreessen Horowitz and Canvas Ventures also participated.