Knock, an online home ‘trading’ platform, has raised $400m in its Series B round of funding.
The capital injection was led by Foundry Group, with existing backers RRE Ventures, Corazon Capital, WTI, and FJ Labs, and new investor Company Ventures, also contributing. As part of the deal, Foundry Group partner Seth Levine has joined the Knock board of directors.
Through the new line of equity, Knock is hoping to further its expansion across the US and boost development of its technology. In addition to this, funds will be used to purchase more properties.
Launched in 2015, Knock aims to ‘revolutionise’ the home buying and selling process by making it as simple as trading in a car.
It works by Knock buying a consumer’s new house and will then pay for improvements, which will be rolled into the new mortgage. Knock will pay bills on the house and will settle this when the old one is sold.
Knock co-founder and CEO Sean Black said, “At Knock we believe the only way to revolutionize the real estate industry is by addressing both home buying and selling, given 71% of consumers are doing both at the same time, which is why we’re creating a marketplace solution with our Home Trade-in platform.”
The PropTech platform has raised a total of $600m in equity since its launch. Its Series A in 2017 on $32m, following investments from RRE Ventures, Corazon Capital, Redpoint, Greycroft, Correlation Ventures, Great Oaks Venture Capital and FJ Labs.
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