With mortgage purchases and refinances booming, digital mortgage and real estate startup Better.com is bolstering its war chest. The company confirmed Tuesday it closed a $200 million Series D funding round led by L Catterton.
Vishal Garg | Photo credit: Better.com
Vishal Garg, the CEO and founder of the company, said the capital would go towards growing the team and building technology at a time when the company’s business is booming.
“Better was founded to help eliminate unnecessary barriers to home financing,” Garg said in a statement. “We’re committed to working tirelessly for our customers, growing our team and building out our technology to provide them the best possible experience when pursuing homeownership.”
In the past year, Better.com has grown its loan funded volume by four times, according to the company. The increased volume comes at a time of historically low mortgage rates.
Better.com isn’t strictly a lender, although it does fund home loans and has funded more than $25 billion since it was founded in 2016. The company also offers title and homeowners insurance and has provided more than $7 billion in coverage through those two platforms, according to company data.
L Catterton served as the lead investor and was joined by existing shareholders Activant Capital, Ally Financial, American Express Ventures, Ping An Global Voyager Fund, and 9Yards Capital in the round.
“We’re excited about new and existing investors continuing to support our mission to make homeownership simpler, faster and more accessible for all Americans,” Garg said.
Better.com has raised more than $400 million in equity capital since its launch and a recent Bloomberg report valued the company at $4 billion.
