Homebound raises $75 million

Homebound, the startup looking to make the home building process more efficient, has raised $75 million in a Series C funding round led by Khosla Ventures. In addition to the equity, Homebound secured “hundreds of millions” in debt from Goldman Sachs.

Homebound’s story begins in 2018 when it helped people rebuild after their houses were destroyed by California wildfires. The startup, which is backed by Thrive, Fifth Wall, Google Ventures, and others, offers an end-to-end solution for people that want to build a home.

The process begins with Homebound discussing different financing solutions with customers to determine the right budget. From there, the company helps with purchasing a lot to later prepare it for construction while ensuring everything is done in compliance. Customers then work with an architect to design the home and there’s also an option to speed up the process by selecting a floor plan or home finish package from Homebound’s library.

Customers get access to a homeowner portal to stay up-to-date on their budget, schedule, documents, and other important building updates.

Homebound is currently live in parts of California and Texas and its sweet spot is building homes that cost between $500,000 and $1.5 million not including land costs.