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Venture Capital News: HomeLight Grabs $109M

SAN FRANCISCO, CA, HomeLight announced today that it has closed $109 million of new financing.
The round was led by Zeev Ventures, with participation from Group 11, Menlo Ventures, Crosslink Capital, Stereo Capital, and others.

"We are pioneering the real estate transaction of the future. This latest round of financing represents a significant vote of confidence in this goal. We couldn't have asked for a more trusted and committed group of partners in this journey," said Drew Uher, CEO and founder of HomeLight. "We're more excited than ever about the future of real estate and HomeLight's ability to drive a better consumer and agent experience."

HomeLight's vision is to forever transform the way people buy and sell homes in order to make real estate transactions certain, simple, and satisfying for every buyer and seller. In 2020 and beyond HomeLight will continue to expand its agent and investor matching platform, build consumer financial and lending products, and expand coverage of best-in-class transactional tools.

"HomeLight's evolution from a single product company to a real estate platform aligns with our vision for the future of real estate," said Oren Zeev, Managing Director of Zeev Ventures. "I am thrilled to partner with HomeLight to build the real estate platform and power the real estate transaction of the future."

HomeLight launched in 2012 to answer a single question: how do people find the best real estate agent for their needs? Through the use of proprietary machine-learning algorithms, HomeLight analyzes more than 40 million real estate transactions and over 1.4 million agent profiles from the nation's leading brokerages for each individual transaction. To date, the company has driven well over $17 billion of real estate business nationwide and, on average, connects a client to a real estate agent every two minutes.

"We've been part of HomeLight since their seed stage and have been proud investors in each round since. HomeLight has innovation on its side, and a seven-year head start on other companies in the proptech space hoping to monetize agent referrals," said Dovi Frances, founding partner of Group 11. "It's the only consumer-centric, one-stop-shop marketplace for real estate needs, and we think the sky's the limit for HomeLight's future growth."

In the past year, HomeLight has dramatically evolved and expanded its offerings. In January 2019, HomeLight launched the Agent Services division to provide Title and Escrow services to agents and home sellers and plans to expand to 30 markets in 2020. In February 2019, HomeLight launched Simple Sale to match sellers with hundreds of iBuyers across the U.S. Finally, in July, HomeLight acquired Eave to rebuild how buyers and sellers finance their home purchase from the ground up. The financing round includes $63m in Series C equity from venture capital partners and $46m in additional funds to fuel mortgage operations.

About HomeLight:
HomeLight's vision is a world where every real estate transaction is simple, certain, and satisfying. We provide software and services to home buyers, sellers, and real estate agents including HomeLight Agent Matching, the investor matching platform Simple Sale, HomeLight Home Loans, and HomeLight Closing Services. Each year, HomeLight helps hundreds of thousands of clients connect with top real estate agents, and it facilitates billions of dollars of real estate on its platform.
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