Homeward Continues to Conquer the iBuyer Sector

With the market coming back to life and companies bringing back furloughed staff to meet the growing demand of consumers looking to continue their moving plans, Homeward, an iBuyer looking to compete with the big four, has raised $105 million in debt and equity financing. 

Homeward began with raising $20 million in equity in this new round. The funding was led by Adams Street Partners, with participation from Javelin Venture Partners and existing investor LiveOak Venture Partners. For debt financing, an undisclosed institutional lender contributed $80 million. 

In the two years since its conception, Homeward has raised $130 million. What sets it apart from the competition is that while other iBuyers aim for instant cash offers on customers’ existing homes, Homeward offers cash for the destination home, something that seems to be quite attractive to those looking to move quickly. 

The iBuyer sector in the US was under fire in March when the virus’s spread was gaining traction. Zillow, Opendoor, Offerpad, and Redfin were forced to put their iBuyer schemes on hold until the market stabilized. Now, they’re back up and running with new conditions to support social distancing but Homeward never had a dip in business. Will this unique way of buying and selling houses be the new market norm?