Flyhomes, the Seattle-based real-estate broker, brought about 150 million dollars in its Series C funding on the 10th of June.
Battery Ventures and Norwest Venture Partners headed the round where the current backers, Canvas Ventures and Andreessen Horowitz participated. Other investors involved were Balyasny Asset Management, Camber Creek, Fifth Wall, and a few more.
The end-to-end home purchases strategy was pioneered by Flyhomes, which is now the industry leader. Every phase of the house buying procedure, from brokerage to financing, is brought together in one smooth experience. The company develops new financial instruments to assist their customers in winning quicker and for less cost. The "Flyhomes Cash Offer" transforms purchasers into all-cash buyers, giving them an advantage in the house prices. Flyhomes also provides the "Buy Before You Sell" program, which allows sellers to purchase and move on to their next house prior to selling their existing one, avoiding the stress of relocating again, taking on a second mortgage, or living during home displays.
Since its inception in 2016, Flyhomes has assisted homebuyers closing to $2.6 billion house values. Buyers who use the company's unique financial instruments have four times more probability of success than those who use traditional agents. Moreover, they gain over half of the time without becoming the highest bidder. The average savings on the property sale price compared to the highest competitive bid is 2.4 percent, but it can be as great as 10 percent.
Flyhomes has 600 plus 5-star reviews on Zillow, Google, and Yelp, demonstrating its unrivaled quality experience. Its integrated staff works throughout the home buying process to provide purchasers with a seamless experience and a competitive advantage in securing their dream house.
The new capital will allow the company to expand service and support to encounter the high demand in its current areas of San Francisco Bay Area, Portland, Los Angeles, Seattle, etc. Besides, Flyhomes wants to expand into other regions around the United States. This expansion is expected to happen by the end of 2023.
Fifth Wall noticed that there was a big gap in the market for solutions tailored exclusively to consumers. And, the ruling venture capital company believes that Flyhomes is the next version of this game. It feels that Flyhomes has enormous potential to develop solutions for the underserved brokerage process.
Norwest Venture Partners' Lisa Wu and Battery Ventures' Roger Lee will enter the firm's board as a part of the deal. In his statement, Roger Lee expressed his excitement to assist the organization in reaching its full potential. Lisa Wu also expressed that FlyHomes has been laser-focused on every buyer's journey. She said that the corporation quickly establishes itself as the premier consumer-facing brand by saving time and money for the consumers and providing their ultimate residence.
On the other hand, co-founder and CEO Tushar Garg is also delighted to collaborate with them as he states that they both share the same conviction of fulfilling every American's desire.
FlyHomes' yearly income is presently expected to be $15.5 million. Its total funding amount is worth 310 million dollars. So far, it has settled the deals with prices covering between 150,000 dollars to 5 million dollars. Previously, the firm's overall funding was 160 million dollars.