Divvy Homes, a San Francisco, CA-based platform that creates homeowners by building savings every month, raised $43m Series B funding.
GIC, Singapore’s sovereign wealth fund, and Lennar, a nation’s leading homebuilder, joined existing investors Andreessen Horowitz, Caffeinated Capital, and Max Levchin.
The company intends to use the funds to:
– expand its team of real estate industry experts,
– increase investment in technology and
– purchase more homes to accelerate growth.
Co-founded by Adena Hefets, Nick Clark and Alex Klarfeld, Divvy partners with renters on their path to homeownership by buying the home they want and renting it back to them for three years while building the savings needed to own it themselves.
The service is currently available in Atlanta, GA; Memphis, TN; and Cleveland, OH, and will expand into new markets in the future.
Divvy was incubated in Max Levchin’s startup studio HVF.