The $23 million capital raise will be used to expand to new markets, and continue the buildout of its end-to-end home buying and selling platform. The Series B comes a year after the company raised $10 million in a Series A.
Homie currently operates in Utah and Arizona with plans to expand into three new markets in 2020. The company has grown rapidly over the past year reaching the following milestones.
Mike Peregrina, CFO and Co-Founder of Homie, said:
“We are grateful to visionary investors who recognize the massive shift that’s happening in how consumers buy and sell homes. This capital prepares us for the launch in three new states, but most importantly, it will help consumers save millions of dollars in excessive fees and commissions.”
By vertically integrating Homie Real Estate™, Homie Loans™, Homie Title™ and Homie Insurance™, the company simplifies the experience while dramatically reducing the cost of buying and selling a home. In addition to the use of the Homie app, Homie customers have a dedicated local Homie real estate agent and team of experts to guide them through the entire process. Real estate, mortgage, and insurance services are all currently available in Utah and Arizona.
Johnny Hanna, CEO and Co-Founder of Homie, said:
“Buying or selling a home is expensive and time-consuming because of all the different companies you have to work with. Communication becomes a game of telephone because of all the parties involved. We are disrupting the traditional model and saving customers thousands of dollars by combining technology, a team of experts, and a one-stop-shop for real estate. Technology has changed everything except the real estate business model. That time has finally come.”