Startup says it raised almost $1 billion to continue its growth across its markets in 12 metros.
Arizona-based real estate and technology company Offerpad announced the close of its successful Series C financing. The new equity funding, along with previously undisclosed debt capital from Citi late last year, brings the company’s combined equity and debt capital raised to nearly $1 billion since its start just three and a half years ago. Offerpad’s Series C was led by a new investor.
Offerpad also secured funding in late 2018 from Citi in the form of a significant warehouse facility, the real estate tech company’s third in its nearly four-year history. The deal will allow Offerpad to continue its rapid growth trajectory across the iBuyer’s current 12 metro areas. Offerpad doubled its year-over-year home acquisitions in 2017, repeated that growth in 2018, and is now poised to further increase performance with the announced funding. The company’s Series C round will allow the real estate and technology firm to purchase more houses, enhance the real estate experience for consumers, and introduce new tools to foster a more efficient working relationship with real estate agents across its markets.
“Since Offerpad’s early days, we’ve been fortunate to attract the confidence of excellent investors," said CEO Brian Bair. "Having such positive partnerships with our lasting and new investors presents us with the exciting opportunity and ability to do more for homeowners around the country as we expand.”
The iBuyer previously announced funding in January 2017 and May 2018, which the company used to fuel expansion into new markets. The capital also supported Offerpad’s recent rebranding and development of its Instant Access, home loans, home trade-in, and free local move offerings. Late last year, Offerpad announced its growth strategy expecting to double the number of cities serviced in 2019, and then again in 2020. Its successful Series C round will support this business objective.