Perch raises $220M to continue building its homebuying model

Perch gears up to take on industry giants like Opendoor and Zillow with this latest funding round

Selling a house is only made more daunting by the market you're selling in. Luckily, there are websites that are looking to buy homes and they make it as easy as just one click.

Perch, an iBuying start-up that buys and sells homes, has raised $20 million in equity and $200 million in debt in a new funding round to scale up its business.

“It is allowing us to add fuel to the fire,” said Court Cunningham, Perch’s CEO.

The latest funding round brings the company’s total equity raised to $51 million. FirstMark Capital led the Series B round, alongside Accomplice and Juxtapose.

The company focuses on “dual trackers,” people who are selling their homes in order to buy a new one. They can sell a property directly to Perch, who then offer a brokerage service to find them a new home.

Cunningham says the model makes home selling and buying simpler and easier. They currently charge a traditional 6 percent fee, but their online platform also includes notary and title services.

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