Noah (formerly known as Patch Homes), a San Francisco, CA-based finance company for homeowners to access their home equity, secured a further $150m.
This isn’t a venture financing round but platform capital that Noah intends to use to invest in homes through their home equity sharing platform. Importantly, this is equity, not debt.
The company secured additional investment capital from institutional investors including Pension Funds to provide homeowners with access to their home equity.
Founded in 2016 by Sahil Gupta, Noah is a finance company for homeowners to tap into their home value to meet their financial goals without incurring new monthly payments or interest. By partnering with homeowners, Noah offers homeowners in select metro areas across the United States upfront financing in exchange for a share in a percentage of their home’s future appreciation or depreciation.
Investors in the company included Union Square Ventures, Breega Capital, and Techstars Ventures