RenoFi raises $22 million

Renovation financing platform RenoFi announced it closed a $22 million Series B funding round led by Fifth Wall, with meaningful participation from Progressive, HighSage Ventures, Alumni Ventures, Flintlock Capital and Gaingels, Canaan, First Round Capital, Curql, TruStage Ventures, and a growing network of credit union partners including Ardent Credit Union, Chartway Credit Union, First Community Credit Union, and USALLIANCE Financial. The recent round brings funding to date to $65 million.

Founded in 2018 by Justin Goldman, Robert Shedd, and Lee Miller, RenoFi is known for its Renovation HELOC, “the first” home equity line of credit in the U.S. that leverages a property’s after-renovation value, rather than just its current value. Since inception, RenoFi has facilitated over 8K renovation loans, representing more than $1.5B in funded loans.

The company plans to more than triple its distributed retail team of renovation financing specialists over the next year, while expanding partnerships with credit unions and embedded financing platforms.

“Millions of homeowners want to renovate, but many lack the equity to borrow what they need. Robert, Lee and I built RenoFi to fix that. By creating the world’s first Renovation HELOC, building technology for the incredibly manual mortgage process, and partnering with a network of trusted credit unions, we’ve made it possible for homeowners to fund their dream projects without draining savings, racking up high interest rate debt or giving up their low-rate mortgage. This new capital will allow us to meaningfully scale our team, grow embedded financing partnerships, and help millions of more families to turn renovation plans into reality.” – Goldman, Co-Founder and CEO, RenoFi.