has secured capital growth of $105 million with $20 million in equity and $85 million in debt. With this new round of funding, Homeward will be able to purchase more homes and expand agent partnerships.
"Despite COVID-19 related volatility, we've continued to see strong customer and agent demand for our offering. Housing inventory is low right now, but demand remains high and customers are using our non-contingent cash offers to beat out other bidders," said Tim Heyl, founder and CEO at Homeward. "Most technology companies have come from outside the real estate space and have tried to cut the agent out. We're taking a much different approach. We empower agents with institutional capital so they can enable their clients to buy before they sell."
According to the release, 43% of homebuyers have an existing home that needs to be sold before they can purchase another one. This causes a delay for both customers and agents. Homeward is looking to change that by working with agents to get clients approved for a Homeward all-cash offer. Agents can go to Homeward's site and register a client in under a minute.
Homeward will expand its relationship with agents in Texas, Colorado and Georgia immediately and also plans to open its offerings to agents nationwide in the coming years.