Digital real estate company Home Bay has announced plans for further expansion, including enhancing its technology platform and expanding into more states.
The company is currently operational in six states. The announcement follows the completion of the company’s $13.5 million series A-1 funding. Home Bay said it will use the funding for its expansion plans.
The company has integrated mortgage, escrow, and title services on its platform. Home Bay said other service providers will also be integrated.
Signal Peak Ventures led the funding round, with participation from Serra Ventures and E15VC.
"We are thrilled to work with Home Bay on their mission to improve the home buying and selling process," Signal Peak Ventures Managing Director Scott Petty said. "The method of buying and selling a home has been stuck in the past for decades. Our firm has looked at several attempts to change this model. When we saw Home Bay's approach, we knew it had the solution to change the residential real estate industry forever."
"The traditional real estate model is slow, cumbersome, and costly for consumers. Home Bay is revolutionizing the way people buy and sell homes with a platform that streamlines the entire process," Home Bay Chairman and CEO Ken Potashner said. "This backing from Signal Peak Ventures strengthens Home Bay's position as the only full-service digital real estate company."
Backed by top agents and brokers throughout the country, Home Bay is modernizing the process of buying and selling homes. Consumers receive the same benefits of working with a traditional real estate agent, but without paying exorbitant listing commissions.