Flock Homes, which allows individuals to own rental homes through portfolio shares, has landed $26 million in a Series A round led by Andreessen Horowitz (a16z) with participation from 1Sharpe Ventures and Human Capital as well as other existing backers.
CEO Take: Essentially, Flock Homes is using technology to streamline a process that has existed for decades, called a 721 Exchange, while providing easier and widespread access for everyday American property owners to take advantage of this opportunity.
The company also uses an asset-light model which doesn't require cash to purchase homes but rather uses the money generated from when landlords are rolling in their equity from their homes instead.
Ultimately, Flock is developing a powerful technology-forward tool, backed by machine learning and data, to evaluate purchases, aggregate a portfolio of real estate properties, democratize investor access, and enhance resident experience all-in-one.
It's an impressive deployment of proptech that's still in its infancy (founded in 2021 during the pandemic) and we can't wait to see what's next for Flock Homes!
Congratulations to the team over at Flock on your recent Series A funding round and your expansion plans later on this year. If you are searching for rich property data to help with information verification and property valuation, let's connect, we'd love to partner with you!
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