New York City-based real estate tech and alternative financing company Orchard announced Thursday its raised $69 million in a Series C equity funding round led by Revolution Growth. To-date, Orchard has raised $138 million.
Court Cunningham | Photo credit: Orchard
The company plans to use the capital to expand its product offerings and grow its teams in New York, Texas, Colorado and Georgia, as well as expand its offerings to new markets.
“Our vision is to bring real estate into the modern age by allowing customers to manage their entire experience through one simple digital platform,” Court Cunningham, Orchard CEO and co-founder, said in a statement. “In the same way Amazon has fundamentally changed retail, and Carvana has innovated the car buying experience, Orchard is putting the customer first and modernizing the home buying and selling transaction.”
“In the year ahead, we’ll be launching an exciting suite of new products and services that further modernize the home purchase experience, while also offering our services to new markets throughout the country.”
Orchard aims to serve dual-track consumers both buying and selling a home at the same time. The company operates in essentially three phases: a modern search platform, enabling customers to buy before they sell with a guarantee, and an all-digital close.
Orchard guarantees a home sale in 120 days or they’ll buy your home, and allows consumers to use that offer as capital for their own homebuying.
The company launched a mortgage division in July to integrate into its existing product offering suite for customers both buying and selling a home and has spent the previous few months bolstering its c-suite.
It’s the company’s second significant fundraising round in 2020, after it raised $36 million in equity in its Series B round in January. The company, which was founded in 2017, also rebranded from Perch, in January.
The latest funding round was led by Revolution Growth, with participation from existing investors, FirstMark, Navitas, Accomplice and Juxtapose. Patrick Conroy, principal at Revolution Growth is also joining Orchard’s board of directors.
“Orchard has dramatically simplified the customer experience for home buying – the ultimate considered purchase that is too often an antiquated and stressful process,” Conroy said in a statement. “The trillion-dollar residential real estate industry has long been dominated by legacy brokerage firms with limited platform technology and inconsistent franchise operations.”
“Orchard’s integrated model and tech-forward approach offers the modern consumer the right balance of intuitive e-commerce functionality and expert human assistance from local home advisors,” Conroy added.