Today, another such startup, San Francisco-based HomeLight, has announced a $109 million round of debt and equity funding.
Since then, the company has expanded to also providing title and escrow services to agents and home sellers and matching sellers with iBuyers.
CEO Drew Uher founded HomeLight in 2012 after he and his wife experienced firsthand the pain of trying to buy a home in the competitive Bay Area market.
“The process of buying a home in San Francisco was so frustrating it made me want to bang my head against the wall,” Uher told me.
I went through a few real estate agents before finding the right match.
“We decided to first try to help people solve the problem of finding the right real estate agent,” Uher said.
HomeLight uses “proprietary machine-learning algorithms” to analyze millions (over 40 million it says) real estate transactions and over 1.4 million agent profiles.
Uher emphasized that HomeLight is not trying to “kill the real estate agent.”
Looking ahead, HomeLight plans to use its new capital primarily to join startups such as Better.com (which recently raised a $160 million Series C that we reported on here) that are in the digital mortgage lending space.
It also plans to “get into” the title and escrow business “to help agents and clients work through the closing process.”
And in July, we covered Fifth Wall Ventures’ raising $503 million for its second fund to invest almost exclusively in real estate tech companies.