The digitally enabled home buying marketplace will expand product offerings and accelerate growth
Orchard, the company that is radically simplifying home buying and selling, announced today that it has completed a $69 Million Series C equity funding round led by Revolution Growth, with participation from existing investors, FirstMark, Navitas, Accomplice, and Juxtapose. The latest fundraise brings Orchard’s total equity raised to date to $138 Million.
Orchard was founded to revolutionize the home buying experience from search to close. The company’s core service offering, Move First, turns the traditional real estate transaction on its head by allowing customers to purchase their next home and move in before they’ve sold their current one, and even offers customers the ability to buy their next home with Orchard’s cash. This service, combined with the customers’ option to use Orchard’s integrated digital closing services, removes the most stressful elements of the home buying process: securing a new home when you also have a home to sell. In the past year, the company has introduced innovative online home discovery products, launched Orchard Home Loans - the company's digitally integrated mortgage brokerage, and expanded into Colorado and Georgia. Since its founding in 2017, the company has helped thousands of customers buy and sell their homes across 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. 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. 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.” said Court Cunningham, CEO and Co-Founder of Orchard.
“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 offers the modern consumer the right balance of intuitive e-commerce functionality and expert human assistance from local home advisors,” said Patrick Conroy, Principal at Revolution Growth who is joining the board of Orchard.
Orchard's services are particularly valuable during the Covid-19 pandemic. The website provides clients the certainty they need to buy their next home seamlessly and safely during these very uncertain times.
Orchard will use the investment to further expand their product offerings, as well as grow its team throughout New York, Texas, Colorado, and Georgia. Additionally, after two successful new market launches in Denver and Atlanta, Orchard plans to expand its services to more states to serve more customers in the next year.
Orchard is transforming the way people buy their homes. Simplifying it, to the way it should have always been; fair and true to market, straightforward, easy. Traditionally, homeowners looking to purchase their next home face a stressful and uncertain process - they have to either sell their old home first and move twice or buy as a contingent buyer and risk not getting their dream home. Orchard solves this problem by enabling homeowners to buy before they sell. With Orchard, customers secure their dream home first, while having the certainty of selling their old home with Orchard - all for the same fee as a traditional broker. Orchard is transforming the end-to-end home buying experience with AI-powered home search and a modern, all-digital mortgage and closing. Orchard is headquartered in New York City and offers its services in Colorado, Georgia and Texas. To learn more about Orchard, please visit www.orchard.com.
Revolution Growth is a venture capital fund that invests in growth stage companies around the country that are leading disruption within their industry. Led by Steve Case, Ted Leonsis, and Steve Murray, Revolution Growth has a proven strategy of partnering with entrepreneurs to build and scale category-defining companies. Revolution Growth is headquartered in Washington, D.C. and part of Revolution’s family of funds including Revolution Ventures and the Rise of the Rest Seed Funds. Visit us online at revolution.com/growth or @Revolution.