Offerpad reports $1B total equity and debt capital raised

US-based proptech provider, Offerpad, has recently ended a successful Series C financing round. The company plans to use this new capital, along with its previously undisclosed debt capital from international banking giant, Citi, to double the number of cities serviced within the year. These two funding rounds brings Offerpad's combined equity and debt capital to around $1 billion. The Series C round was led by a first-time investor.

Offerpad has reaped the benefits of success with its secured funding in Q3 2018 from Citi in the form of a significant warehouse building, becoming the third in the three years the proptech has been in business. With this deal, Offerpad will continue its rapid growth across the twelve metro areas it currently has presence in. 

Offerpad had doubled its year-over-year home acquisitions in 2017, and then doubled it again in 2018, and is now looking to continue this growth pattern with this new funding. The Series C round will provide Offerpad with what it needs to purchase more houses, optimize its customer experience, and bring in more tools to enhance the working relationship between agents and consumers across its geographical markets.

Offerpad CEO Brian Bair said, “Since Offerpad’s early days, we’ve been fortunate to attract the confidence of excellent investors. Having such positive partnerships with our lasting and new investors presents us with the exciting opportunity and ability to do more for homeowners around the country as we expand.”

Before this, Offerpad had announced funding in January of 2017 as well as in May of 2018. That funding was used to expand in to more markets and aid in the company's rebranding along with the development of its Instant Access, home loans, home trade-in, and free local move offerings. Late 2018, Offerpad announced another growth plan to double the number of cities serviced in the coming years. This most recent funding round will support that expansion.

SOURCE Offerpad
Edited by V. Haviland

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