Real estate insurance and services provider First American Financial has backed US-based real estate technology platform operator Ribbon in a $75m series C round supported by $75m in additional working capital.
Venture capital firm Greenspring Associates led the series C round, which included Waterfall Asset Management, TriplePoint Capital, 75 & Sunny Ventures, Greylocks, Bain Capital Ventures, NFX, Nyca Partners, Thomvest Ventures and private investors Jake Seid, Gary Beasley, Gregor Watson and Guy Gal.
Founded in 2017, Ribbon provides a digital home buying service that lets prospective homeowners make cash offers on properties before selling their existing home.
The company also provides software tools for real estate agents to manage offers and transactions, and has expanded its credit facility to $500m alongside the latest round. It intends to expand its offering to cover half of the United States in 2023.
Shaival Shah, Ribbon’s co-founder and CEO, said. “With our new capital raise, we intend to aggressively expand nationally, build more of the homeownership journey and meet the significant consumer and partner demand.”
Ribbon received $30m in a late 2019 series B round led by Greylock and backed by all its previous investors, including Bain Capital Ventures, NFX, Nyca and Thomvest, together with $300m in debt financing from investment bank Goldman Sachs.
Bain Capital Ventures, Greylock, NFX and Nyca had co-led the equity portion of a $225m series A debt and equity financing round for the company in 2018. Greylock had previously led a seed round of undisclosed size at an unspecified date, according to a statement regarding its series B round.