Ribbon, a NYC-based real estate company, raised $330m in equity and debt financing.
This includes:
– a $30m Series B round of funding led by Greylock, with participation from Bain Capital Ventures, NFX and NYCA and new investor Thomvest Ventures, and
– a debt facility with Goldman Sachs that, in addition to a previous facility, provides current financing capacity to $300M upon closing and may be increased by an additional $220M, in each case, upon the satisfaction of certain conditions.
The company intends to use the funds to expand into new markets, and accelerate product development efforts.
Founded in 2017 and led by CEO Shaival Shah, Ribbon aims to bring speed, transparency, and certainty to the homebuying process, enabling consumers and real estate agents to buy and sell homes efficiently.
It gives homebuyers an all-cash, guaranteed-to-close “Ribbon Offer” to present to homesellers. Buyers are pre-approved for a purchase and home valuations are completed within 24 hours. If a homebuyer can’t close with a mortgage on time, Ribbon will buy and reserve the home on their behalf and lease it to them for up to six months.
Ribbon has also released several new product offerings including tools for new home construction companies, homebuyers using Conventional, FHA and VA insured loans, real estate agents and lenders.
The company currently operates in eight markets across four states – Charlotte, Raleigh, Nashville, Atlanta, Charleston, Greenville, Memphis and Knoxville – and plans to expand its coverage to 20 markets across ten states by the end of 2020.
It has a 60 full-time staff.
FinSMEs
29/10/2019