Flyhomes, a Seattle, WA-based home buying startup, raised $141m in new financing.
– $21m in Series B equity financing led by Canvas Ventures with participation from existing investors Andreessen Horowitz (a16z), and
– $120m in debt financing coming from multiple lenders, including Genesis Capital, who originates loans on behalf of Goldman Sachs Bank USA.
The company intends to use the funds to accelerate the growth of products designed to make the home buying process easy, scale the Trade Up program, expand operations to new cities on both coasts and hire with plans to more than double its headcount in 2019.
Founded in 2015 by Stephen Lane and Tushar Garg, Flyhomes is a real estate startup focused on innovating the home purchase process for buyers at every step.
To date, the company has enabled more than 1,000 people close on more than $1 billion worth of homes using products like Cash Offers, Trade Up, and Guaranteed Offers and a family of companies including FlyHomes, Inc., and its wholly-owned subsidiaries: FlyHomes Brokerage, LLC, FlyHomes Mortgage, LLC, FlyHomes Closing, LLC, and Madre Homes, LLC (d/b/a FlyHomes Crew).
The company is also announcing the launch of its latest product, the Trade Up program, which is now available to homebuyers in Seattle and San Francisco. It frees current homeowners to shop for their next home without worries about contingencies or timing.
Flyhomes provides a guaranteed, competitive price for the home a buyer currently owns, thereby eliminating the risk and uncertainty of having two mortgages. Flyhomes lists homes to get the maximum value for the customer, while providing a 100% guarantee that the home will sell within 90 days, or they will buy it. If Flyhomes sells it for more than that price, they’ll hand over the proceeds from the sale. Now buyers who work with Flyhomes can make an all-cash offer on their new home—using Flyhomes’ cash—and move in before listing their current home.