Home building record breaker Veev raises $100M
Real Estate Weekly - March 23
As the U.S. grapples with a national housing shortage, a company that says it can build housing developments four times faster than traditional contractors has raised $100 million to fund more growth. Veev raised the new funding through a listing on TASE UP, a first-of-its-kind digital platform built for innovative companies to seek capital from accredited and qualified institutional investors while remaining private.
Knock looks to go public at $2B valuation
The Real Deal – March 29
Knock, a startup that helps people buy new homes before selling their old ones, has hired Goldman Sachs to help advise it on a possible IPO, Bloomberg reported. Knock originally launched in 2015 as more of a traditional iBuyer, and marketed homes directly to consumers. It’s evolved since then: Last year it launched its Home Swap program, which lets consumers buy new homes before selling their old ones by pre-funding mortgages.
Fifth Wall gains Ivanhoé Cambridge as partner, invests in Airbnb of self-storage
Bisnow – March 24
Fifth Wall continues to rack up new investments and big-name partners. The PropTech venture capitalist firm led a $53 million Series B funding round for online self-storage platform Neighbor, Fifth Wall announced in a press release on March 24. The day before, Ivanhoé Cambridge announced that it had entered into a strategic partnership with Fifth Wall that included becoming the VC firm's largest investor. The Montreal-based developer is the first investor in Fifth Wall's fifth fund, focused on climate technology. Ivanhoé Cambridge has invested $85 million across Fifth Wall's four previous funds, joining industry giants like Hines and CBRE.
U.S. home-selling platform Offerpad to go public in $3B SPAC deal
Reuters – March 18
Offerpad Inc said in mid-March that it would go public through a merger with a blank-check company in a deal that values the U.S. home-selling platform at $3 billion. The deal with Zillow co-founder Spencer Rascoff-backed Supernova Partners Acquisition Company Inc. will fetch $650 million in proceeds for Offerpad. Arizona-based Offerpad provides an online platform for selling and buying homes.
Side raises $150M at $1B valuation to help real estate agents go it alone
Tech Crunch – March 22
Side, a real estate technology company that works to turn agents and independent brokerages into boutique brands and businesses, has raised $150 million in Series D funding. Coatue Management led the round, which brings San Francisco-based Side’s valuation to $1 billion and total funding raised to over $200 million since its 2017 inception. Existing backers Matrix Partners, Trinity Ventures, and Sapphire Ventures also participated in the new financing.