FlyHomes, a Seattle, WA-based real estate startup, raised $17m in Series A funding.
The round was led by Andreessen Horowitz, with participation from Mark Vadon and Shasta Ventures, among others.
The company intends to use the funds to increase deployment of its Cash Offers program, accelerate hiring, invest in further product development, and drive new market expansion in Seattle, San Francisco, Chicago and Boston.
Launched in 2015 by Stephen Lane and Tushar Garg, FlyHomes is a full-service real estate brokerage and technology company that turns pre-qualified clients, who have down payments as low as 5%, into cash buyers by purchasing homes, and using cash from its debt facilities, on their behalf. If the seller accepts the offer, the service closes in less than a week and allows the seller to move out when it’s convenient (up to 60 days). FlyHomes then transfers ownership to the client once financing has closed – typically around 30 days later. The client pays for FlyHomes’ cost of owning the home.
The company earns a standard buyer’s agent commission from the home seller and there are no additional costs to the seller or listing agents.
The company has helped more than 400 people close on more than $300 million worth of homes.