Venture Capital News: Roofstock Closes $35M Series C
OAKLAND, CA, Leading online marketplace for single-family rental home investing, today announced it closed a $35 million Series C financing led by Canvas Ventures.
Roofstock (www.roofstock.com), the leading online marketplace for single-family rental home investing, today announced it closed a $35 million Series C financing led by Canvas Ventures with substantial participation from existing investors Lightspeed Venture Partners, Bain Capital Ventures, Khosla Ventures, Nyca Partners, QED Investors, and FJ Labs. The new capital will enable the company to meet increased customer demand, expand into new markets, and accelerate development of features that will continue to make the process of buying, owning and selling single-family rentals throughout the U.S. easier and faster.
"We were drawn to Roofstock because we saw parallels with Lending Club and Houzz. Both are multi-billion dollar companies reinventing their industries with innovative marketplace models," said Rebecca Lynn, Canvas Ventures General Partner. Previous to Canvas, Lynn was an early investor and board member at Lending Club, and Canvas General Partner Paul Hsiao was an early investor and board member at Houzz. "We see significant opportunity in the single-family rental-home investment sector, and have a great deal of confidence in the experienced Roofstock team," Lynn added.
Roofstock offers investors the transparency, data, and interactive planning tools they need to easily buy, own and sell single-family rentals. The company's marketplace creates value for both buyers and sellers. As almost all of Roofstock properties already have tenants, buyers receive rental income from day one. Sellers benefit from lower commissions and the ability to continue to earn rental income up until the sale of the property, while avoiding the hassle and costs of vacating the property before the sale through traditional channels. Investors can also take advantage of Roofstock's network of certified property managers to manage the property on a day-to-day basis and further separate operating from investing.
"The Roofstock marketplace provides investors an innovative, low-friction way to invest in a very attractive asset class which traditionally has been very difficult to access directly," said Gary Beasley, co-founder and chief executive officer, Roofstock. "We are thrilled to be working with Rebecca and the team from Canvas, and are grateful to have such tremendous support from our existing investors who share our passion for building a marketplace that aims to fundamentally change the way real estate is bought and sold."
Roofstock recently added a number of features to enhance the platform's user experience, including providing buyers access to powerful, interactive financial tools that allow them to model customized financial scenarios over the term of their investment. Roofstock also launched its unique, proprietary, data-driven Roofstock Neighborhood Ratings that aids in purchase decisions across geographies. Additionally, the company has rolled out self-service features and tools for sellers, giving them the ability to optimize listing prices, manage offers and adding functionality to streamline the overall listing and sales process.
Headquartered in Oakland, California, Roofstock is the leading online marketplace for investing in leased single-family rental homes, with listings in 15 markets across the U.S. The company's transparent online marketplace makes buying, owning and selling rental property efficient and transparent by offering detailed home and tenant information, local vetted property management options, as well as analytics and general market insights to help investors evaluate and purchase certified properties. The company stands behind its marketplace with a 30-day, Money-Back Guarantee. To learn more about Roofstock, please visit: http://www.roofstock.com.
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