Offerpad is an iBuyer and real-estate technology company that purchases, renovates, and sells homes and offers consumer services like Instant Access, home loans, home trade-in, and free local moves. Founded in 2015 and headquartered in Arizona, the company operates in twelve metro areas with San Antonio opening soon. Offerpad says its leadership team has collectively purchased, renovated, and rented or sold more than 100,000 homes. It doubled year-over-year home acquisitions in 2017 and repeated that growth in 2018, and plans to expand into roughly twice as many cities in 2019 and again in 2020. The Series C and accompanying debt financing will be used to buy more houses, enhance the consumer real-estate experience, and introduce tools to improve relationships with real-estate agents. Offerpad previously raised funding in January 2017 and May 2018 and secured a Citi warehouse facility in Q3 2018 to support growth. OfferPad operates a direct-buyer business that buys single-family homes from sellers, performs necessary upgrades or improvements, and resells the properties. The company is headquartered in Gilbert, Arizona and currently buys homes in Atlanta, Charlotte, Las Vegas, Los Angeles, Orlando, Phoenix, Salt Lake City, and Tampa. OfferPad says it is projected to buy and sell more than $1.5 billion in single-family homes over the next year. The company recently secured $150 million in new funding as a mix of equity and debt to support continued growth. OfferPad plans to use the capital to expand into new markets beyond the eight it currently operates in and to broaden its service offerings across the U.S. Over the past 16 months the company has raised more than $410 million in equity and debt. OfferPad is an online platform that buys homes directly from homeowners and handles all the paperwork. The company is based in Gilbert, AZ and was founded by real estate industry veterans Brian Bair and Jerry Coleman. OfferPad is currently buying homes in the Phoenix, Las Vegas, Salt Lake City, Tampa & Orlando metro areas, will officially launch in Los Angeles this month, and plans additional market expansion. It has about 100 employees. The company secured $260M in combined equity and debt financing. OfferPad intends to use the proceeds to continue expansion in additional U.S. markets.

Total raised

$410M

Funding rounds

5

Latest round

Equity

Latest activity

May 2018