Opendoor builds $9 billion war chest to buy U.S. homes
Daily News - October 5
Opendoor Technologies is adding billions of dollars in borrowing capacity as it races to buy and sell more homes. The company, the largest of an emerging group of tech-powered home flippers called iBuyers, entered into an amended mezzanine debt facility with a $3 billion limit, according to an October 4 filing. That move, combined with other recent transactions, allows the company to borrow as much as $9 billion through non-recourse asset-backed facilities.
Cushman & Wakefield makes $150M strategic investment in WeWork
MarketWatch – October 29
Real estate services firm Cushman & Wakefield has made a strategic investment of $150 million in flexible space provider WeWork Inc. As part of the investment, Cushman & Wakefield's Chief Investment Officer and Executive Vice President of Strategic Planning Nathaniel Robinson will serve as an observer to WeWork's board.
First American doubles down on Endpoint with $150M in funding
Inman – October 19
First American Financial Corp. is doubling down on its digital title and settlement services subsidiary, Endpoint, investing another $150 million in funding to help the company bring a “reimagined” closing process to more markets. On top of $70 million in previously announced funding — including a $40 million injection from First American last November — Endpoint has raised $220 million to date.
JLL buys Building Engines for $300M
The Real Deal – October 22
JLL is building out its PropTech capabilities with its acquisition of Building Engines for $300 million. The Boston-based building operations software firm will be tucked into the JLL Technologies umbrella, Business Insider first reported. Building Engines has its tools integrated into an app called Prism. The company hosts more than 1,000 clients, counting 35,000 properties and 3 billion square feet among its portfolio.
Porch acquires mortgage software firm Floify for $90M
HousingWire – October 28
Publicly traded PropTech company Porch Group has been acquiring companies left and right over the past year. Most recently, the firm announced last Wednesday the acquisition of Denver-based digital mortgage automation and point-of-sales software company Floify. The deal cost Porch about $76.5 million in cash and $10 million of Porch’s common stock at closing, according to a press release.
Mosaic raises $44M to automate the construction planning process
Tech Crunch – November 1
Mosaic Building Group, a Phoenix, Arizona-based construction tech startup, has raised $44 million in a Series B funding round led by Peak State Ventures. New investors Starwood Capital, invisionAZ, Tekfen Ventures, and Brightstone also put money in the round. They joined previous backers Andreessen Horowitz (a16z), Building Ventures, Innovation Endeavors, 8VC, and Founders Fund, bringing Mosaic’s total funding to $68.75 million since its 2015 inception.