Real Estate Marketplace Roofstock Raises $20m Series B
Funds will support continued growth of innovative online investment platform
Oakland, CA – November 14, 2016 – Roofstock (www.roofstock.com), the leading online marketplace and transaction platform in the $2 trillion single-family rental (SFR) sector, today announced $20 million in Series B financing led by Lightspeed Venture Partners, with substantial participation from existing investors including Khosla Ventures, Bain Capital Ventures, Nyca Partners, QED Investors and SV Angel. Roofstock has raised a total of $33.25 million in equity since the company’s formation in May of 2015.
The company has developed a proprietary marketplace for investors to find, evaluate and invest in single-family rentals online with tools and transparency never before available to either retail or institutional investors. Since its public launch in March of this year, the company has expanded to serve 10 markets, engaged thousands of registered users, grown its transaction volume by 400% from Q2 to Q3, and significantly expanded its inventory and seller network. While the majority of transactions to date have involved institutional clients, retail investors are increasingly taking advantage of the Roofstock platform to confidently invest in professionally managed, cash-flowing properties site unseen from anywhere in the world.
“Real estate is perhaps the greatest untapped sector for technological innovation in the U.S. today and Roofstock is quickly gaining traction with institutional and retail investors alike,” said Will Kohler of Lightspeed Venture Partners. “We were attracted to Roofstock because of the size of the market and deep experience and proven track record of their leadership team. We could not be more excited about the opportunity to partner with them to build a great company that will change the way real estate is bought and sold.”
Roofstock’s revolutionary model features a propriety marketplace of certified, cash-flowing homes for sale. Listings include detailed inspection, valuation and title reports, as well as information about the tenants and local property managers who have also been certified by Roofstock. The company stands behind its marketplace with a bold 30-day Money-Back Guarantee which investors can exercise if they are unhappy with the purchase for any reason. The company will use the proceeds of this round to accelerate its national expansion, invest in product development, engineering and data science initiatives, roll out its asset management platform and broaden its reach to both domestic and global investors.
“The response to the Roofstock marketplace since our public launch earlier this year has been extremely encouraging. The levels of demand and engagement we are seeing from investors of all shapes and sizes, from all over the world, highlights the fact that people are looking for a better way to invest in real estate,” said Gary Beasley, co-founder and CEO. “Whether investors are looking to purchase a single property, assemble their own portfolio of income-producing homes or invest in a fractional interest in a pool of homes, Roofstock’s transparent and low-cost platform represents the modern way to invest in real estate.”
To learn more about Roofstock, please visit: roofstock.com
About Roofstock
Roofstock is the first online marketplace and community created exclusively for investing in leased single-family rental homes that generate cash flow day one. Created by investors for investors, Roofstock provides research, analytics and insights to evaluate and purchase independently certified properties at prices that reflect both market and property conditions. From viewing the homes and their diligence documents to analyzing potential returns and selecting one of our certified local property managers, Roofstock’s mission is to make real estate investing stock market simple. Roofstock headquarters are in the San Francisco Bay Area. Whether you’re looking to make your first rental property investment or building a property portfolio, make your next investment today at roofstock.com.
Media Contact:
Stacey Corso
Senior Communications Manager, Roofstock
scorso@roofstock.com
