SAN FRANCISCO, CA, HomeLight, the world's leading marketplace for connecting home sellers with the best real estate agents, announced today that it has raised $40 million in Series B funding.
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Silicon Valley-based Menlo Ventures led the round with participation from new investor Citi Ventures, and existing investors Zeev Ventures, SGVC, Crosslink Capital and Innovation Endeavors. HomeLight's total venture funding since inception in 2012 is now $55 million. Tyler Sosin of Menlo Ventures will join HomeLight's board of directors. Venky Ganesan of Menlo Ventures and Dovi Frances of SGVC will join HomeLight's board as observers.
The Series B financing builds on continued momentum HomeLight has experienced since its last round of funding in early 2016. During this time, HomeLight has grown revenue by nearly 500 percent, and the company is now adding over 1,000 agent partners each month.
Today, only about 8 percent of home sellers find their real estate agent online; many ask friends or relatives. HomeLight is dedicated to serving the home seller, helping them find the real estate agent best positioned to sell their home based on actual performance data. Its proprietary algorithms analyze two million real estate agents and nearly 30 million aggregated residential real estate transactions to help sellers find the agent in their area best suited for their needs. As a result, homes sold through HomeLight sell 29 days faster than average, and relative to list price, homes sold through HomeLight sell 3.5 percent more than average.
"The home is one of the most prized possessions in people's lives. We are passionate about helping homeowners achieve the best possible outcome when selling their home," said Drew Uher, founder and CEO of HomeLight. "No other company on earth can help consumers sell their home faster and for more money by leveraging analytics and big data. Our impressive growth validates our belief that this is a core need that affects all homeowners and we believe that HomeLight is poised to deliver a fundamentally better experience for the seller."
HomeLight will use the new capital to further steer the company on its impressive growth path. By the first quarter of 2018, the company plans to double its head count, making key hires across sales, marketing, operations and engineering within both its San Francisco headquarters and its Phoenix office. HomeLight will continue to invest heavily in refining its data-driven platform and enhancing the seller experience.
"Menlo has become increasingly interested in the real estate tech market. While the ecosystem is populated with companies covering many of the aspects of the process, we see a huge hole when it comes to services for the home seller," said Tyler Sosin at Menlo Ventures, whose firm has also invested in fintech companies like Betterment, Bluevine and RealtyShares. "It's clear that HomeLight is providing a much needed service, and one that is highly differentiated from those offered by the known real estate tech brands. Further, Menlo was impressed with HomeLight's substantial growth and its ability to execute on a 'win-win' value proposition for agents and sellers; the praise we heard from the market was extremely compelling. I look forward to working closely with the talented HomeLight team as it builds upon its strong momentum to become a household name."
HomeLight is the world's leading marketplace for connecting home sellers with the best real estate agents. HomeLight's algorithm uses real transaction data and matches buyers and sellers with agents proven to sell homes faster and for more money. These data-driven matches are unmodified, objective recommendations that accurately reflect past performance and success. HomeLight has information on over two million agents and actively works with over 20,000 of them. With offices in San Francisco and Phoenix, HomeLight conducts business nationwide. HomeLight is backed by Zeev Ventures, Menlo Ventures, SGVC, Citi Ventures, Bullpen Capital, Crosslink Capital, Montage Ventures, GV, Innovation Endeavors and more. For more information, visit www.homelight.com.
About Menlo Ventures
Menlo Ventures provides capital for multi-stage consumer and enterprise technology companies. Since 1976, the firm's market-driven analysis has led to the identification of opportunities and successful investments in innovative technology markets. Notable areas of investment include Marketplaces, Consumer services, Smart cloud infrastructure, SaaS, Fintech and Cybersecurity. Menlo's portfolio includes more than 70 public companies and more than 100 mergers and acquisitions. Menlo Ventures has $5 billion under management and is currently investing Menlo Ventures XII, a $400 million fund with $15 million allocated to the Menlo Talent Fund for fast seed funding, and the Menlo Opportunity Fund, a $250 million fund that targets solely early growth investments. For more information, visit www.menlovc.com.