US-based real estate investment platform Roofstock completed a $50m series D round yesterday featuring Citi Ventures, the corporate venturing arm of financial services firm Citi.
The round was led by SVB Capital, a vehicle for Silicon Valley Bank owner SVB Financial Group, and included Fort Ross Ventures, 7 Global Capital, Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners and Canvas Ventures.
Founded in 2015, Roofstock operates an online marketplace where users can invest in single-family rental homes. It offers analytics tools covering market and neighbourhood data as well as property management services.
The company has facilitated more than $2bn in transactions to date and will use the series D funding to enhance its data science, product and engineering capabilities, and expand its listed properties and distribution network. It will also launch Roofstock Platform Services, a dedicated offering for institutional investors.
SVB invested strategically due to its interest in another tool, Roofstock One, which enables accredited investors to purchase shares in fully managed properties, starting from $5,000 per share, in order to generate passive income.
Roofstock said it has now raised $133m in funding altogether. It closed a $42m series C round in January 2018 after SVB Capital and real estate developer Asia Pacific Land added $7m in the form of a second tranche.
Canvas Ventures led the $35m first close in 2017, with participation from existing investors Lightspeed Venture Partners, Bain Capital Ventures, Khosla Ventures, Nyca Partners, QED Investors and FJ Labs. Roofstock’s earlier backers also include SV Angel and assorted individual investors.
