Property startup Patch Homes launches Series A funding round

September 18, 2019
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Patch Homes looks to offer a long-term financing option for homeowners and their investments

Real estate startup Patch Homes has announced a $5 million Series A funding round, led by Union Square Ventures and investors Tribe CapitalTechstars VenturesBreega Capital and Greg Schroy.

Patch officially launched last year and offers homeowners cash in exchange for a share of the future appreciation on their house. 

Founded in 2016 by Sahil Gupta and Sundeep Ambati, the California-based company allows homeowners to access as much as $250,000 of their home equity without monthly payments or interest. 

The company said the capital raise will allow it to build on its rapid growth and meet its rising customer demand.

“From our early interactions with Sahil and the Patch Homes team it was clear they were taking a different approach to helping homeowners by aligning interests for all parties,” said Tribe Capital Co-Founder and Partner Ted Maidenberg. “Your home is the majority of net worth for Americans yet liquidity options are rooted in debt products; Patch financings break that mold and the team has built sophisticated data driven underwriting and monitoring platform to enable rapid growth of this new product. We are thrilled to partner with the team and look forward to supporting them in the future.”

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