Homie announced the successful completion of its Series B equity round of financing. The $23 million capital raise will be used to expand to new markets, and continue the buildout of its end-to-end home buying and selling platform. The Series B comes a year after the company raised $10 million in a Series A.
The company currently operates in Utah and Arizona with plans to expand into three new markets in 2020. The company has grown rapidly over the past year reaching the following milestones.
- #1 residential real estate brokerage office in Utah by transaction volume and transaction value in 2019
- Over $1 billion in total real estate transactions in 2019 in Utah and Arizona
- 150% revenue growth in 2019
- $55 million in commissions saved by Homie customers
- The launch of Homie Loans™, Homie Title™ and Homie Insurance™
- Over 250 employees in two states
“We are grateful to visionary investors who recognize the massive shift that’s happening in how consumers buy and sell homes,” said Mike Peregrina, CFO and co-founder of Homie. “This capital prepares us for the launch in three new states, but most importantly, it will help consumers save millions of dollars in excessive fees and commissions.”
By vertically integrating Homie Real Estate™, Homie Loans™, Homie Title™ and Homie Insurance™, the company simplifies the experience while dramatically reducing the cost of buying and selling a home. In addition to the use of the Homie app, Homie customers have a dedicated local Homie real estate agent and team of experts to guide them through the entire process. Real estate, mortgage, and insurance services are all currently available in Utah and Arizona.
“Buying or selling a home is expensive and time-consuming because of all the different companies you have to work with,” said Johnny Hanna, CEO and co-founder of Homie. “Communication becomes a game of telephone because of all the parties involved. We are disrupting the traditional model and saving customers thousands of dollars by combining technology, a team of experts, and a one-stop-shop for real estate. Technology has changed everything except the real estate business model. That time has finally come.”