OfferPad, a Gilbert, AZ-based online platform for homeowners to sell their homes, secured $260m in combined equity and debt financing.
Backers included private funds managed by LL Funds, LLC., and an investment management firm based in Philadelphia.
The company intends to use the proceeds to continue expansion in additional markets throughout the US.
Founded by real estate industry vetarans Brian Bair and Jerry Coleman, OfferPad buys homes directly from homeowners through an online platform and doe all the paperwork. The company is currently buying homes in the Phoenix, Las Vegas, Salt Lake City, Tampa & Orlando metro areas, will officially launch in Los Angeles this month, and will expand into additional markets soon thereafter.
OfferPad has 100 employees.