Orchard raises $69m to scale real estate platform

by Candyd Mendoza11 Sep 2020

Orchard, a residential real estate platform, has announced closing a $69 million Series C equity funding round.

Founded as Perch in 2017, the rebranded iBuyer company simplifies home buying and selling by allowing customers to purchase their next home and move in before they sold their current one. Orchard recently launched a mortgage division, Orchard Home Loans, in July and has plans to extend operations in new markets next year.

To date, the start-up has raised $138 million. Funds from the Series C round will be used to continue the growth of Orchard's product offerings and team throughout New York, Texas, Colorado, and Georgia.

"Our vision is to bring real estate into the modern age by allowing customers to manage their entire experience through one simple digital platform. In the same way Amazon has fundamentally changed retail, and Carvana has innovated the car buying experience, Orchard is putting the customer first and modernizing the home buying and selling transaction," said Court Cunningham, CEO and co-founder of Orchard.

Revolution Growth led the latest fundraising, with participation from existing investors FirstMark, Navitas, Accomplice, and Juxtapose.

"We're thrilled to have a partner in Revolution Growth who has extensive experience working with transformative growth stage consumer businesses that are upending traditional industries," Cunningham said. "In the year ahead, we'll be launching an exciting suite of new products and services that further modernize the home purchase experience, while also offering our services to new markets throughout the country."

Patrick Conroy, principal at Revolution Growth, is joining Orchard's board of directors.

"Orchard has dramatically simplified the customer experience for home buying – the ultimate considered purchase that is too often an antiquated and stressful process. The trillion-dollar residential real estate industry has long been dominated by legacy brokerage firms with limited platform technology and inconsistent franchise operations. Orchard's integrated model and tech-forward approach offer the modern consumer the right balance of intuitive e-commerce functionality and expert human assistance from local home advisors," Conroy said.