Total amount raised
$128.4 Millions
Latest funding date
3/1/2022
Location
Homebound has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers a tech-enabled platform that simplifies the homebuilding process, providing both finished and customizable homes.
Keep reading to explore the intricacies of Homebound's fundraising journey and the investors backing this innovative platform.
What Is Homebound?
Homebound is a custom homebuilder that simplifies the process of building the perfect home. Founded in January 2018, the company was created in response to the 2017 Northern California wildfires by a team of construction, real estate, design, and technology experts.
Based in Santa Rosa, California, Homebound manages the entire homebuilding process for homeowners, from insurance negotiation and architecture to permitting, construction, and move-in. They use technology and a network of vetted building experts to reduce the stress and complexity faced by homeowners, especially after natural disasters.
The company was founded by Jack Abraham, Michael Richards, Nikki Pechet, and Tom O'Brien. Homebound currently employs between 101-250 people.
How Much Funding Has Homebound Raised?
- Series A
- Amount Raised: $18M
- Date: December 2018
- Lead Investors: Thrive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance the technology platform.
- Series B
- Amount Raised: $35M
- Date: August 2019
- Lead Investors: Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enter new markets.
- Venture Round
- Amount Raised: £150K
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing projects and operational costs.
- Series C
- Amount Raised: $75M
- Date: February 2022
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address inventory shortages, expand to new markets, and invest in technology.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: February 2022
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for expansion and operational needs.
- Venture Round
- Amount Raised: $182K
- Date: March 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing projects and operational costs.
Total Amount Raised: $128.332M
Current Valuation: Not publicly disclosed
Key Investors
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm that invests in early-stage companies. Founded by Vinod Khosla, it focuses on impactful innovations.
- Investment Focus Areas: Technology, healthcare, sustainability.
- Notable Investments: Square, DoorDash, Impossible Foods.
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. It provides a wide range of financial services to a substantial and diversified client base.
- Investment Focus Areas: Technology, finance, real estate.
- Notable Investments: Uber, Spotify, WeWork.
- Google Ventures (GV)
- Details: Google Ventures is the venture capital investment arm of Alphabet Inc. It supports innovative startups across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Uber, Slack, Nest.
- Fifth Wall
- Details: Fifth Wall is a venture capital firm focused on technology for the global real estate industry. It partners with real estate owners and operators to invest in innovative solutions.
- Investment Focus Areas: Real estate technology, sustainability, construction tech.
- Notable Investments: Opendoor, Lime, Industrious.
- Thrive Capital
- Details: Thrive Capital is a venture capital firm that invests in internet and software investments. It was founded by Joshua Kushner and focuses on building long-term partnerships with entrepreneurs.
- Investment Focus Areas: Internet, software, financial technology.
- Notable Investments: Instagram, Stripe, Robinhood.
What's Next for Homebound?
Homebound is poised to capitalize on significant opportunities in the housing market, particularly in regions like Austin, Dallas, Houston, and Denver, where housing shortages are acute. By focusing on off-market home transactions and leveraging technology to streamline the homebuilding process, the company aims to address inventory shortages and meet the demand for homes priced between $500,000 and $1.5 million.
With the successful Series C round led by Khosla Ventures, Homebound is well-positioned for future fundraising opportunities. The company's growth plans, including expanding its team and entering new markets, suggest that additional funding rounds may be on the horizon. However, challenges such as managing rapid scaling, maintaining quality, and navigating the complexities of the construction industry could pose significant hurdles.
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