SEATTLE--(BUSINESS WIRE)--Flyhomes announced its $150 million Series C financing to fuel its growth and build upon its record-setting quarters. The round was co-led by venture capital firms Norwest Venture Partners and Battery Ventures, with additional participation from Balyasny Asset Management, Fifth Wall, Trustbridge Partners, Camber Creek, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Ventures.
As part of the transaction, Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will join the Flyhomes Board of Directors.
Flyhomes is a pioneer and market leader of the end-to-end homebuying model. The company brings every step of the homebuying process, from brokerage to mortgage, together in one seamless experience and innovates on financial products to help their clients win faster and for less money.
The Flyhomes Cash Offer turns buyers into all-cash buyers to give them a competitive edge to win when buying a home. Flyhomes also offers the Flyhomes Buy Before You Sell program, allowing sellers to buy and move into their next home before selling their current one, eliminating the hassle of moving twice, taking on a double mortgage, or living through house showings. Flyhomes further strengthens homebuyers’ offers by guaranteeing that a transaction will close. If a Flyhomes Cash Offer buyer has to back out of a transaction, Flyhomes will purchase the home, eliminating uncertainty for the seller.
Flyhomes has helped homebuyers close on $2.6 billion worth of homes since launching operations in 2016. Homebuyers using the company’s innovative financial products are four times more likely to win than working with traditional agents1, and they win without being the highest bidder more than half of the time. The savings on the home sales price versus the highest competing offer is 2.4% on average and can be as high as 10%.2
“Buying a home is a stressful experience,'' said Lisa Wu, Norwest Venture Partners. “Flyhomes is laser-focused on the customer journey and has helped thousands of buyers win homes they love while saving them months of time and thousands of dollars. They are emerging as the leading consumer-facing brand in this new category. We’re thrilled to partner with them to serve more buyers across the country.”
Flyhomes provides unprecedented overall service, achieving 600+ 5-star reviews across Yelp, Google, and Zillow. This is made possible by Flyhomes’ integrated team that works across all points of the home purchase process to give buyers a seamless experience and a competitive edge to win their desired home.
In today’s hyper-competitive market, homebuyers without all cash on hand are at a distinct disadvantage, bidding and losing out on multiple homes before finally winning. "The competitive landscape for buying a home is at historic levels, with no sign of slowing down," said Roger Lee of Battery Ventures. "Buyers need a new approach and to arm themselves with every possible advantage in order to win against multiple offers. Flyhomes makes that possible. The opportunity in front of Flyhomes is massive, and I'm excited to help the company achieve its full potential."
The new funding will enable the company to scale service and support to meet the outsized demand in the current markets of Seattle, San Francisco Bay Area, Los Angeles, San Diego, Portland and Boston, and open additional markets in the U.S.
"Flyhomes is building the world’s best homebuying experience," said CEO and Co-founder Tushar Garg. “We’ve already greatly simplified the process for buyers and empowered thousands of customers who previously struggled to win. We are thrilled to partner with Norwest Venture Partners and Battery Ventures, who both share our belief that today’s buyers deserve to realize their piece of the American dream.”
1 Flyhomes analysis of all offers in 2021 on which Flyhomes submitted a bid.
2 Source: Flyhomes 2020 internal data.
About Flyhomes
Flyhomes is building the world’s best homebuying experience. Launched in 2016 by Tushar Garg and Stephen Lane, Flyhomes has reinvented the homebuying process at every step. To date, we have helped homebuyers close on $2.6 billion worth of homes at prices ranging from $150,000 to $5 million. To offer clients a truly seamless experience, the Flyhomes family of companies includes FlyHomes, Inc., and its wholly-owned subsidiaries: FlyHomes Brokerage, LLC, FlyHomes Mortgage, LLC, FlyHomes Closing, LLC, among other entities. For more information, visit www.flyhomes.com.
About Norwest
Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 150 active companies currently in our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, Calif.; Herzliya, Israel; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
