On Thursday, real estate marketplace Roofstock announced it has surpassed $1 billion in property transactions since the launching of its marketplace in 2016. The online lender also revealed it has upsized its Series C funding round to $42 million, which represents a 20% increase over the initial round of $35 million, in order to accommodate the demand from “insiders” as well as two strategic investors, SVB Capital and Asia Pacific Land. The round was announced in October 2017. While sharing details about Roofstock’s $1 billion milestone, Gregor Watson, Co-Founder and Chairman of Roofstock, stated:
“Reaching this significant $1 billion milestone is an excellent finish to an already successful year. The company exceeded our aggressive business goals in 2017, and our recent funding round and upsizing will allow us to continue to expand our dynamic marketplace to new audiences.”
Gary Beasley, Co-Founder and CEO of Roofstock, also commented:
“Since inception, Roofstock has focused on democratizing the SFR market by offering radical transparency, dramatic cost savings and state-of-the-art tools for investors of all kinds that were previously only available to large institutions. We’re obviously encouraged by the early traction of our marketplace and are more optimistic than ever about our future as we continue to work to deliver relevant products and services to our growing community of marketplace customers.”
Founded in 2015 and its platform launching in 2016, Roofstock is described as a marketplace for investing in leased sing-family rental homes, with listings in 13 states across the U.S. To date, Roofstock has reportedly raised $75.25 million from venture firms and angel investors including Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners, Canvas Ventures, QED Investors, Nyca Partners, FJ Labs and SVB Capital. The company added it plans to roll out multiple new markets and platform offerings in the coming months in order to provide investors with enhanced abilities to optimize their portfolios and continue to encourage new entrants to invest in SFR.