Updater, an online relocation organization platform, announced Tuesday that it has raised $60 million during its new convertible note round of funding.
The company has the option to raise roughly $15 million more for a total of $75 million in the convertible note series. To date, Updater has raised over $250 million.
This round was called a convertible note round, as holders of convertible notes have the right to convert them to equity when the company is listed publicly at a future date.
Investors in this latest round of fundraising included many long-time backers, including Second Century Ventures, the strategic investment arm of the National Association of Realtors.
This was Second Century Ventures’ third investment in Updater. The firm co-led Updater’s Series A financing round with SoftBank Capital back in 2014.
Updater’s relationship with the NAR began back in 2013 when it participated in the NAR REACH program, which was designed to help advance the most promising real estate and adjacent industries technology companies. At the moment, Updater supplies NAR with anonymous, real-time data, which is used to inform the association’s trend forecasting and reporting efforts from the national to hyper-local level.
The company plans on using the funds raised in this latest round of financing to expedite hiring plans and to launch new products in anticipation of the fast approaching 2022 moving season.
“This financing round will allow us to deliver smarter, more integrated solutions to the millions of households that use our products each year,” David Greenberg, the founder and CEO of Updater, said in a statement.
Already in the past 12 months Updater has hired over 100 new employees, whose focus has been on product, design and engineering. Currently, the company has over 250 full-time employees and this number is expected to grow.
Updater currently offers a suite of technology solutions to help agents and their clients do everything from physically move their belongings to setting up home security and hooking up utilities in their new home.