Insurance and financial services group Prudential Financial led the equity portion of a $122m debt and equity round for US-based, property-focused finance provider Point yesterday with venture capital firm DAG Ventures.
Media group Bloomberg’s big data investment arm, Bloomberg Beta, also contributed to the $22m series B equity portion, as did Andreessen Horowitz, Ribbit Capital, Financial Venture Studio, Enterprise Community Partners and Kingsbridge Wealth Management. The latter also provided a $100m platform capital commitment.
Point provides financing for homeowners by buying into the equity of their properties, supplying between $35,000 and $250,000 a time. The capital is not debt financing and the company stays off the title deed of the home.
Eddie Lim, Point’s co-founder and CEO said: “Point is seeing significant demand for its home equity investment (HEI) solution. We are witnessing the emergence of a whole new class of financial solution that is aligned with homeowners, and investors are taking notice.
“2019 is proving to be a year of exponential growth for the company, and we expect that growth to continue as home equity investments open up critical liquidity for a lot more homeowners.”
The company has now raised a total of $33m in equity funding in addition to $265m in platform financing, it said yesterday.
Andreessen Horowitz led Point’s seed round before returning for an $8.4m series A featuring Bloomberg Beta, Ribbit Capital and assorted angel investors in 2016. Atalaya Capital Management subsequently provided $150m in platform financing for the company in April 2018.
