Flyhomes locks in $141m funding for expansion growth boost

by Candyd Mendoza19 Aug 2019

Flyhomes, a non-traditional homebuying startup, has secured a total of $141 million in a recent financing round.

The Seattle-based startup said that it would use the funding to expand its products. Canvas Ventures led the Series B equity financing, which raised $21 million of the total funding. Existing investor Andreessen Horowitz (a16z) also participated in the Series B round. Meanwhile, $120 million in debt financing came from multiple lenders, including Genesis Capital.

“Because we do everything from touring homes to funding their purchase, we have greatly simplified the process for buyers,” said Tushar Garg, co-founder and chief executive officer of Flyhomes. " We are thrilled to partner with Canvas Ventures and a16z on this investment, which represents a significant vote of confidence in our mission and ambitious goals for the future.”

“We have strong conviction in Flyhomes’ ability to reinvent real estate, a process that has seen little innovation in our lifetimes,” said Mike Ghaffary, partner at Canvas Ventures. “Flyhomes offers a full-service real estate resource unlike anything currently available and allows consumers to be more competitive in the homebuying market. Their all-cash offer not only helps people buy a home, but it also helps them win over 68% more than traditional brokerage firms. The new Trade Up program from Flyhomes also now provides a minimum guaranteed price on an old home to give consumers the confidence to buy a new home they can afford.”