US-based property purchase finance provider Knock received $220m in equity and debt financing yesterday from investors including financial services firm First American Financial and real estate trade organisation National Association of Realtors.
Foundry Group led the $70m equity portion of the round, which was also backed by fellow venture capital firm RRE Ventures as well as private investors M Night Shyamalan and Mauricio Umansky. The $150m in debt financing was supplied by unnamed entities.
Founded in 2015, Knock has built a digital platform called The Knock Home Swap that helps potential buyers secure loans for property purchases before their old home is sold. The company also provides a cash offer scheme for future homeowners dubbed Knock Go.
Sean Black, Knock’s co-founder and chief executive, said: “This capital puts us on a solid foundation and on a path to profitability by year-end so we can continue on our mission of revolutionising the home buying experience for everyone.”
National Association of Realtors’ Second Century Ventures unit had included Knock in its Reach scale-up programme in April 2021, two years after its $400m series B equity and debt round, which was led by Foundry Group and backed by RRE Ventures, Corazon Capital, WTI, FJ Labs and Company Ventures.
RRE Ventures led the company’s $32m series A round in 2017, investing alongside Redpoint, Greycroft, Correlation Ventures, Great Oaks Venture Capital, Corazon Capital and FJ Labs.
The series A round included an “insignificant amount” of venture debt, the company told TechCrunch. Rugged Ventures also lists it as part of its portfolio but did not reveal when it invested.
Image courtesy of Knockaway Inc.
