During their three-year lease, a client builds up to 10 percent of the value of the house, although they can purchase the home at any time. Divvy Homes then rents the home back to the customers with about 25 percent of the monthly payment going toward a future down payment as they develop equity in the property. The company, now led by the CEO, Adena Hefets, helps potential homeowners buy a home on their behalf, with the customers contributing about 1 percent to 2 percent of the property’s value. Divvy Homes has raised debt, and equity capital of over $500 million in total, inclusive of the new funding, was earned in equity and two-thirds in debt with approximately one-third of that.ĭivvy Homes was started in 2017 and was founded by Alex Klarfeld, Nick Clark and Adena Hefets.
Investment firm Tiger Global Management LLC led the funding round along with Jaws Ventures, Moore Specialty Credit, GGV Capital, and other current investors in the company. The company plans to use the raised equity capital in boosting business growth to serve more than 70 million Americans in over 20 markets beyond cities such as Tampa, Dallas, Denver and Atlanta by the end of the year.
DIVVY 110M SERIESANN SERIES
San Francisco-based real estate startup Divvy Homes announced on February 2, 2021, that it raised $110m in Series C equity funding.
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