Flyhomes’ model brings together the various steps of the homebuying process from brokerage to mortgage. It also helps clients win faster and spend less money, the release stated.
The round was led by venture capital firms Norwest Venture Partners and Battery Ventures, with participation from Balyasny Asset Management, Fifth Wall, Trustbridge Partners, Camber Creek, Zillow Co-Founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Ventures, according to the release.
With the new funding, Flyhomes plans to work toward scaling service and support to meet new demand levels in several U.S. cities, the release stated.
CEO and Co-Founder Tushar Garg said in the release he is happy with the developments for his company.
“We’ve already greatly simplified the process for buyers and empowered thousands of customers who previously struggled to win,” he said in the release. “We are thrilled to partner with Norwest Venture Partners and Battery Ventures, who both share our belief that today’s buyers deserve to realize their piece of the American dream.”
Flyhomes also offers the Flyhomes Buy Before You Sell program, which allows users to buy and move into a new home before finishing selling their current one, according to the release. That does away with the cumbersome process of moving twice, taking on a double mortgage or going through the house-showing process.
The company guarantees that a transaction will close, the release stated. If a buyer has to back out, the company will buy the home itself.
Homebuying, as with almost any other kind of commerce, is coming into the new digital age. PYMNTS reported that the goal of introducing new tech to the industry is not to replace agents, but instead to add new tools to boost the process for the buyer and cut down on friction points.
Another company, HomeLight, offers a product to let customers in need of mortgages make cash offers on houses to be more competitive.