US-based online realty network HomeLight raised $40m in series B funding yesterday from investors including Citi Ventures, the strategic investment arm of financial services firm Citi.
The round was led by venture capital firm Menlo Ventures and also featured fellow VC firms Zeev Ventures, SGVC, Crosslink Capital and Innovation Endeavors. It boosted HomeLight’s overall funding to $55m since it was founded in 2012.
HomeLight runs an online marketplace that uses data analysis technology to help people looking to sell their home to connect to realtors who can help them with the sale. It has a network of 20,000 realtors and information on a total of 2 million.
The funding will support a growth drive that will involve the company doubling its staff numbers in the next year and expanding its sales, marketing, operations and engineering teams. It also intends to further develop its core platform.
GV, the corporate venturing subsidiary of internet and technology group Alphabet then known as Google Ventures, joined Crosslink Capital and Innovation Endeavors for HomeLight’s $1.5m seed round in 2012.
Crosslink, Bullpen Capital, Montage Ventures, Krillion Ventures, 500 Startups, and Western Technology Investment added $3m in 2015 before Zeev Ventures led an $11m series A round in April 2016 backed by SGVC, Bullpen, Montage, Krillion, Innovation Endeavors and angel investors Oren Dobronsky and Yariv Davidovich.
Menlo Ventures principal Tyler Sosin will join HomeLight’s board of directors in connection with the round while Venky Ganesan of Menlo Ventures and Dovi Frances of SGVC will take board observer positions.