Real estate investing platform Roofstock hits $1.94bn valuation

Roofstock, an end-to-end online platform for single-family rental (SFR) investing, has reached a $1.94bn valuation after the close of a $240m Series E round.

SoftBank Vision Fund 2 served as the lead investor, with commitments also coming from Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures, Canvas Ventures, Citi Ventures, First American Financial, Expanding Capital, 7GC & Co., JLL Spark, SVB Capital, The Private Shares Fund, Masco Ventures, Newton Investment Management North America, Pegasus Tech Ventures, CAZ Investments, Moving Capital and DoorDash Angels.

With the capital, Roofstock has multiple growth plans, with the aim to double down on its growth momentum.

One of its initiatives is to enhance its customer base and improve the accessibility and liquidity in the SFR asset class.

Additionally, Roofstock is looking to released new products and services. This means expanding its property management footprint and build tools for landlords, such as analytics and banking-related tools. It is also exploring other forms of real estate investing.

Roofstock also plans to double its team this year, hiring for engineering, product, marketing, analytics and operations teams.

Finally, the funds will help the FinTech company complete strategic M&As.

Roofstock is a digital real estate investing platform, which lets incumbents and new investors build portfolios of assets across the US. Institutional and retail investors can leverage the platform to buy, manage and sell investment real estate online.

Last year, the company handled more than $1bn in trading volume in its portfolio trading business. Since it was founded in 2015, it has facilitated over $5bn in transactions.

Roofstock CEO and co-founder Gary Beasley said, “There has never been a time quite like this for single-family real estate, and Roofstock is truly at the vanguard of making the market work for everyone.

“We’re grateful for the continued support from our new and existing investors and stakeholders who share our vision to make this a modern, radically accessible asset class. I could not be more excited to welcome our partners from SoftBank to join us on this ambitious journey.”

The platform was recently accepted into the Cypher Accelerator program at the Stevens Center for Innovation in Finance at the University of Pennsylvania’s Wharton School to help accelerate its real estate tokenization initiative.

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