Soon-to-launch platform will release home equity
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A data-driven home investment platform that will take a share of homes in return for fast-release cash has secured millions of dollars in Series A funding.
Hometap will launch its service soon which will invest in up to 20% of a home’s current value and release cash to owners without need for credit scoring, interest rates, or monthly payments.
Many American homeowners are house rich and cash poor. Our mission is to help make homeownership less stressful and more accessible. For many, the ability to tap into a portion of the home value that has accumulated will be a welcome alternative to further borrowing or a complete sale of the home," said Jeffrey Glass, CEO of Hometap.
The firm was founded in 2017 and backers have invested a combined $12 million in this funding round.
“Having the financial support of this group of investors will help us execute on our vision of creating a world where homeowners have more choice, more opportunity, and more control over the equity in their home,” added Glass.
The backersinclude G20 Ventures, General Catalyst as well as American Family Ventures, the venture arm of AmFam Insurance, and Pillar.
“The median American household has 69% of its total assets tied up in home equity,” said Drew Aldrich, principal at American Family Ventures. “Hometap has created a scalable model to provide equity liquidity for homeowners allowing them to buy, own, control, maintain, and sell their property as they have historically done.”
