Real estate investment marketplace Roofstock has taken on $20m in its Series B round of funding led by Lightspeed Venture Partners.
The investment also comes from existing backers Khosla Ventures, Bain Capital Ventures, Nyca Partners, QED Investors and SV Angel.
The Oakland, California-based company’s marketplace is designed to enable investors to find, evaluate and invest in single-family, cash-flow rentals previously unavailable to retail and institutional investors.
Lightspeed Venture Partners’ Will Kohler highlights the size of the real estate market Roofstock is targeting as a key reason for the investment and suggested real estate is “perhaps the greatest untapped sector for technological innovation in the US today.”
The company says the financing will be used to drive its expansion around the US, invest in product development, engineering and data science initiatives as well as roll out its asset management platform.
Roofstock CEO and co-founder Gary Beasley claims that since the company’s launch earlier this year the level of demand and engagement from investors, “highlights the fact that people are looking for a better way to invest in real estate.”
The investment brings the company’s total funding to $33.25m with its previously taking on $7m in its March Series A round led by Bain Capital.
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