Proptech firm Homeward is looking to simplify the home buying and selling process. To do that, it has recently raised $25 million in funding which will go towards future innovation.
The Austin-based company announced the round which includes $4 million in equity and $21 million in debt financing. The new funds allow Homeward to scale its real estate platform and improve the mobile customer experience.
It also marks the first investment as the company attempts to simplify the home buying process through its platform. That process starts with inverting the buying and selling process, said Tim Heyl, Founder and CEO of Homeward, in a statement.
“The current process of home buying is backwards,” he said. “Buyers have to sell their existing home and then rush to find a new one. We remove this uncertainty by letting buyers use our cash to secure their next home first. Then they can take their time and sell their existing home for its full market value.”
Heyl, who started his career as a real estate professional, launched Homeward in 2018 after encountering the Catch-22 of home shopping. Buyers didn’t want to make an offer on a new home until they sold their existing home, but they feared listing their current home without knowing where they were going next.
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