Knock, the operator of highly popular home swapping services, Knock Home Swap, has announced it is contemplating going public, though the CEO of the company, Sean Black, has yet to reveal if the company will go the traditional route of an IPO, a direct listing, or via a SPAC merger.
Sources have said that Knock is looking to raise a potential $400 million to $500 million through an IPO with a valuation of around $2 billion, though the company itself has yet to come out with a public statement on the valuation.
Knock was originally a brokerage for real estate until last year when it announced that it was shifting focus to become a lender. That’s around the time it launched Knock Home Swap, which lends money to a homeowner in order to buy a home before selling their old house.
Now, Knock looks to offer a full-service proptech platform that pre-funds home buyers to aid in winning bids, helps get their old homes ready for the market, and selling their homes quickly at the highest price possible.
Black has hinted that the success of Knock Home Swap is one of the driving forces for taking the next step by going public.
Currently, Knock Home Swap is available in Southern California, the Knock Home Swap is available in Atlanta; Austin, Texas; Charlotte, N.C.; Colorado Springs, Colo.; Dallas-Fort Worth; Denver; Fort Lauderdale, Fla.; Houston; Jacksonville, Fla.; Miami; Orlando, Fla.; Phoenix; Raleigh, N.C.; San Antonio; Tampa, Fla.; Tucson, Ariz. and West Palm Beach, Fla.
The company plans to offer the service in 75 markets by 2023.
