Homebuying platform Ribbon has raised $330 million in equity and debt financing to help fund its expansion into new markets.
The company closed a $30 million Series B round of funding led by venture capital firm Greylock Partners, and secured a debt facility with Goldman Sachs that, in addition to a previous facility, provides current financing capacity to $300 million upon closing.
Ribbon’s platform enables homebuyers to make an all-cash offer on a home. If a homebuyer can't close with a mortgage on time, Ribbon will buy and reserve the home on behalf of the homebuyer and lease it to them for up to six months.
“Homebuyers, home sellers, real estate agents and lenders are all enthusiastically working with Ribbon to streamline the real estate transaction and deliver a frictionless buying and selling experience," said Shaival Shah, chief executive officer at Ribbon. "We're grateful for the confidence our investors have shown in our business model with this round of funding, and excited about the opportunity to bring our products and services into new markets and design new product solutions. We are expanding our platform to help even more families who have homes to buy and sell and families who are buying their first home."
Ribbon currently operates in eight markets across four states – Charlotte and Raleigh, N.C.; Nashville, Memphis and Knoxville, Tenn.; Atlanta, Ga., and Charleston and Greenville, S.C.– and plans to expand its coverage to 20 markets across 10 states by the end of 2020.