Amidst the COVID crisis, EasyKnock has hit back at all the obstacles that have come its way.
The home-financing alternative solution has raised $20 million in a Series B funding round, even with the financial strain the market has seen due to the Coronavirus.
The round was co-led by Blumberg Capital and QED Investors, with participation from FJ Labs, Correlation, Moderne Ventures, and 7BC.
This new injection brings the total amount of money raised to over $350 million in debt and equity.
Commenting on this funding round, CEO Jarred Kessler, who had recently recovered from a case of the virus, himself, said that though raising the funding was particularly challenging because of the pandemic, EasyKnock is “well-positioned to thrive” during a financial crisis. Something that venture capitals look for when deciding who to invest in.
This newly raised money will go towards developing new products to help homeowners with financing during financial downturns.
Currently, EasyKnock is developing a real estate marketplace for those investing in homes. The company also has a cleaning and concierge service planned for launch, as well as products for homeowners with mortgages in forbearance and another for senior citizens under way.
EasyKnock also reported that its partnerships have done exceptionally well amidst the pandemic. Though moving plans have slowed, more people have needed short-term liquidity, especially because major banks have suspended new home equity lines of credit within the last few months.
EasyKnock was also chugging through the hardest parts of the pandemic while other iBuyers halted services to save money. In fact, Kessler reported that EasyKnock has gotten a number of new lenders during the recent market crisis, due to the company’s potential during a downturn.
Lastly, the company has launched a nonprofit which looks to raise money to donate to organizations that prevent evictions and foreclosures called The Stay Mission.