HouseCanary Grabs $65M Growth Round
SAN FRANCISCO, CA, Home valuation fintech pioneer HouseCanary today announced it has closed a $65 million growth funding round.
The round was led by Morpheus Ventures, Alpha Edison, and PSP Growth. The funding brings HouseCanary's total funding to $130 million. Since its founding in 2013, HouseCanary has created the most accurate residential real estate valuations, with a 2.5% median absolute percentage error for 106 million US residential properties nationwide. By focusing on helping its customers grow and scale their businesses, HouseCanary doubled revenue in each of the last two years and its pace of growth is accelerating for 2020. Today, seven of the top ten buyers of residential real estate loans, seven of the top ten bulge bracket investment banks, and four of the top five single family rental investor owner operators trust HouseCanary.
HouseCanary is creating a more efficient real estate marketplace, where its trusted property valuations help consumers and investors enjoy a frictionless experience in buying, financing, and improving their homes. By working directly with institutional investors, HouseCanary already powers more than $200 million in real estate transactions each month. Through partnerships with leading financial institutions, HouseCanary's ComeHome platform will enable consumers to close on more than $100 billion of real estate transactions this year.
"This latest round of funding will allow HouseCanary to continue to build the most accurate valuations in the housing market, continue to build our world-class team to accelerate development and broad market adoption of HouseCanary, and invest in our leading-edge technology," said Co-Founder and CEO Jeremy Sicklick. "Reliably automating home valuations replaces a two- to three-week human appraisal process with instant, actionable valuations at a fraction of the price. Consumers and institutional investors buying homes as well as financial institutions providing mortgages demand this, and we power it across America's housing market."
HouseCanary has built its reputation on developing unique analytics for the $30.7 trillion residential real estate market, based on big data and refined through machine learning. By combining this technology with its nationwide brokerage, HouseCanary is uniquely positioned to connect investors and consumers alike to the information that they care most about in an effort to modernize and streamline the home buying and home ownership process. Offering its clients a customer engagement platform that provides unparalleled insights into properties across the United States puts HouseCanary on track to reshape the residential real estate marketplace.
"We invest in disruptive companies that are innovative and creative in how they tackle the changing landscape," said Joseph Miller, Managing Partner, Morpheus. "Through their proven software and data driven technology HouseCanary is streamlining real estate transactions and changing the future of the industry."
Founded in 2013, valuation-focused real estate brokerage HouseCanary provides software and services to reshape the real estate marketplace. Financial institutions, investors, lenders, mortgage investors, appraisal management companies, and consumers turn to HouseCanary for industry-leading valuations, forecasts, and transaction-support tools. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.
Morpheus invests in the disruption of large markets across the technology landscape from consumer to enterprise technologies including data analytics, machine learning, robotics, transportation, and SaaS. The firm is headquartered in Los Angeles and backs great entrepreneurs worldwide. For more information, see www.morpheus.com.
About Alpha Edison:
Alpha Edison is a knowledge-driven venture capital firm that invests in early-stage companies using AI, data and behavioral science to provide investable insights and unlock new markets. Through thematic investing and business model innovation, Alpha Edison helps entrepreneurs make better decisions and scale their enterprise. To learn more about Alpha Edison, visit www.alphaedison.com.
About PSP Partners and PSP Growth:
PSP Partners is a Chicago-based private investment firm founded by its Chairman Penny Pritzker, an entrepreneur, civic leader, and philanthropist, and former U.S. Secretary of Commerce. The firm is comprised of a highly experienced team of investment professionals and business builders focused on partnering with entrepreneurs, business owners, and management teams to build market-leading businesses and develop valuable assets. With investment strategies focused on established businesses (PSP Capital), emerging/growth companies (PSP Growth) and real assets (Pritzker Realty Group), PSP Partners invests across stages and asset classes with an emphasis on four primary segments of the economy - business & technology services, housing, industrials and food and agriculture - that are well-aligned with its expertise and experience. For more information, visit www.psppartners.com.
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