Roofstock, an online marketplace where you can invest in single-family rental homes, announced on Wednesday it secured $50 million through its Series D funding round, which was led by SVB Capital with participation from Citi Ventures, Fort Ross Ventures and 7 Global Capital as well as prior round lead investors Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners and Canvas Ventures.
Founded in 2015 and launched in 2016, Roofstock provides all of the resources for investors to buy, own and sell real estate online, including data analytics, property management oversight, and other tools.
“Roofstock’s transparent, innovative marketplace empowers everyday investors to own cash-flowing SFRs, diversify their investment portfolios and build long-term wealth through real estate. In 2018, Roofstock reached a milestone with $1 billion in transactions closed on its marketplace and continues to expand its footprint, now offering SFRs for sale in 25 markets nationwide.”
Roofstock reported that the latest funding round brings its total amount of equity raised to $133 million. Speaking about the investment, Gary Beasley, CEO and Co-Founder of Roofstock, stated:
“Roofstock makes it easy for anyone, no matter where they live, to add real estate to their investing strategy, with minimal overhead and no prior knowledge needed. This funding is a validation of our work to lower the barriers to entry and level the playing field for real estate investing. Roofstock gives individual investors the same level of information, access and operational support that used to be available only for large institutions.”
Sulu Mamdani, Managing Partner of SVB Capital, also commented:
“Roofstock is in the vanguard of the rapidly-growing proptech space. As startups continue to broaden access to financial services, we see real estate as an incredibly attractive asset class for retail investors looking to go beyond the typical stock and bond portfolio.”
Roofstock added that the funding will go towards supporting its continued growth, including investment in its data science, product and engineering capabilities, expanding its retail supply and distribution network and rolling out Roofstock Platform Services, the company’s latest service which lets institutional investors build their own tailored portfolios of single-family rental homes.