Business News

Offerpad Pronounces Shut of Sequence C Financing; Complete Fairness and Debt Capital Raised at $975 Million

PHOENIX–()–Offerpad,
the Arizona-based actual property and know-how innovator, proclaims the
shut of its profitable Sequence C financing. The brand new fairness funding,
together with beforehand undisclosed debt capital from Citi late final
12 months, brings the corporate’s mixed fairness and debt capital raised to
almost $1 billion since its begin simply three and a half years in the past.
Offerpad’s Sequence C was led by a brand new investor.

Offerpad additionally secured funding in Q3 2018 from Citi (NYSE: C) within the type
of a major warehouse facility, the actual property tech firm’s
third in its almost four-year historical past. The deal will enable Offerpad to
proceed its fast development trajectory throughout the iBuyer’s present twelve
metro areas. Offerpad doubled its year-over-year house acquisitions in
2017, repeated that development in 2018, and is now poised to additional
enhance efficiency with the introduced funding. The corporate’s Sequence C
spherical will enable the actual property and know-how agency to buy extra
homes, improve the actual property expertise for customers, and introduce
new instruments to foster a extra environment friendly working relationship
with actual property brokers
throughout its markets.

Offerpad CEO Brian Bair mentioned, “Since Offerpad’s early days, we’ve been
lucky to draw the boldness of wonderful traders. Having such
constructive partnerships with our lasting and new traders presents us
with the thrilling alternative and talent to do extra for householders
across the nation as we increase.”

The iBuyer beforehand introduced funding in January
2017
and Could
2018
, which the corporate used to gasoline enlargement into new markets. The
capital additionally supported
Offerpad’s latest
rebranding and improvement of its Immediate Entry,
house loans, house trade-in, and free native transfer choices. Late final
12 months, Offerpad
introduced its development technique
anticipating to double the variety of
cities serviced in 2019, after which once more in 2020. Its profitable Sequence C
spherical will help this enterprise goal.

To study extra about Offerpad’s consumer-focused options, go to www.offerpad.com.

ABOUT OFFERPAD

Offerpad is revolutionizing the actual property trade by offering an
modern and handy option to promote or purchase a house. Based in 2015,
the management workforce brings a long time of actual property expertise that
collectively has bought, renovated, and rented or offered greater than
100,000 properties. Offerpad is a privately-held firm, headquartered in
Arizona, with markets in Atlanta, Charlotte, Dallas-Fort Value, Houston,
Las Vegas, Los Angeles, Orlando, Phoenix, Raleigh, Salt Lake Metropolis,
Tampa. and Tucson, with San Antonio opening quickly.

ABOUT CITI

Citi, the main international financial institution, has roughly 200 million buyer
accounts and does enterprise in additional than 160 international locations and jurisdictions.
Citi supplies customers, companies, governments and establishments with
a broad vary of monetary services and products, together with client
banking and credit score, company and funding banking, securities
brokerage, transaction companies, and wealth administration.

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