Proptech HomeLight has raised $20 million to expand the offering of its Buy Before You Sell product to mortgage lenders and real estate agents across 40 new states, the company announced on Monday.
Zeev Ventures, an early-stage venture fund, led the Series D extension, and was joined by Stereo Capital and Menlo Ventures. According to Crunchbase estimates, HomeLight has raised $762.5 million in 15 funding rounds with 25 investors since its inception in 2012.
HousingWire reported that in June 2022, the company raised $115 million — $60 million in equity and $55 million in debt — while acquiring Denver-based lending startup Accept.inc.
That was the company’s third acquisition. In 2019, HomeLight acquired Eave, a digital mortgage lending startup. The following year, it acquired Disclosures.io, an innovative provider of listing management tools.
HomeLight, based in Scottsdale, Arizona, uses artificial intelligence (AI) to allow homebuyers to unlock up to 70% of the equity in their homes for the purpose of selling their current property and buying a new one.
Drew Uher, founder and CEO of HomeLight, said the product has “blown away” the company’s expectations. The company is “deeply focused on building the tools and technology that solve the hardest problems that lenders face today in closing transactions,” Uher noted in a statement.
A total of 40 lenders use the product, including The Loan Store and Luminate Home Loans, which is available in 46 states and and Washington, D.C, according to HomeLight.
The company claims a network of more than 10,000 loan officers and 28,000 top real estate agents offer the product, which has helped to unlock more than $655 million in equity.
HomeLight has offices in Scottsdale, San Francisco, Dallas and Chicago. Its other investors include Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures, Citi Ventures and Google Ventures.