Flyhomes and Canvas Ventures Joins to Reinvent Home Buying

Flyhomes and Canvas Ventures Joins to Reinvent Home Buying

The new deal will strengthen the homebuyers across the United States, by making the home buying process smooth.

FREMONT, CA: The Seattle-based startup, Flyhomes reviving the process of home buying, and the company has announced 141 million USD in new financing. Twenty-one million USD of which is Series B equity financing led by Canvas Ventures with participation from existing investors Andreessen Horowitz. The 120 million USD in debt financing comes from multiple lenders, including Genesis Capital. The company is also going to unveil the launch of the Trade-Up program.

Flyhomes will empower homebuyers across the U.S. to make a cash offer on their dream home. They will also scale the Trade-Up program to remove friction and hassle for homeowners trying to buy a new home. The company is adding new services and integrated technology solutions to expand operations to newer cities on both sides. They aim to double its headcount in 2019.

Tushar Garg, Flyhomes CEO and Co-Founder, and alumnus of Kellogg School of Management says that their integrated product offering will save homebuyers from the traditional process of purchasing. Now people can purchase their single biggest purchase without obstacles, stress, and worry. Canvas Ventures will help Flyhomes to achieve their ambitious goal.

Founded in 2015, Flyhomes is leading the real estate companies for modern homebuyers. The company has done achieved several goals like won homes for clients 68 percent more than traditional brokerage firms. The company launched Flyhomes Mortgage in June 2018, which closed over 300 competitive mortgages. They have helped more than 1,000 clients close on over one billion USD in homes bought and sold, and doubled the Bay Area sales. Flyhomes holds an NPS score of 82 and 5-star Yelp reviews across all markets.

Mike Ghaffary, Partner at Canvas Ventures, mentioned about this deal that, Flyhomes has a strong ability to reform the real estate sector. Their offers help homebuyers to stay away from traditional brokerage firms and provide a full-service real estate resource. The new Trade-Up program will now provide a minimum guaranteed price on an old home to give consumers the confidence to buy a new home they can afford.

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Source: Press Release