Better.com to invest $254m in developing its products

by Candyd Mendoza21 Aug 2019

Homeownership platform Better.com has announced the completion of an investment round that raised $160 million.

The Series C fundraise brings the firm’s total funding to $254 million. Better.com founder and chief executive officer Vishal Garg said that the company would not only use the capital to boost their investment in product development, but also to grow its strategic partnerships, its team and to scale its platform.

New investors including Activant Capital, AGNC, Ally Financial, American Express Ventures, Citi, Healthcare of Ontario Pension Plan, and Ping An Global Voyager Fund participated, joining existing shareholders Goldman Sachs, Kleiner Perkins, and Pine Brook in the round.

“Better.com is reengineering and digitizing the mortgage process, making the entire home-buying experience faster and more affordable,” said Lindsay Fitzgerald, managing director at Amex Ventures, the strategic investment group of American Express. “We are delighted to support Better.com as they continue to grow and transform the market.”

The company has added 550 new hires over the past year and plans to tap 400 more employees in sales and technology by the end of the year.

“Better.com is completely changing the way consumers purchase a home,” said Activant Capital founder Steve Sarracino. “Their end-to-end digital solution is simplifying the mortgage process for people, affecting billions of dollars’ worth of home sales. The team is effectively overhauling the way millions of Americans make the most meaningful investment of their lives. We’re thrilled to work with them as they continue to grow.”