Ribbon raises $150 million
Ribbon, the company on a mission to make homeownership achievable, has secured $150 million in financing, with half of the amount coming in the form of a Series C round. The Series C was led by Greenspring Associates, with participation from existing investors Greylock, Bain Capital Ventures, NFX, Nyca, Thomvest and Jake Seid. This round brings several new strategic investors including First American Financial Corporation, which is known for title insurance and settlement services but also offers P&C insurance products. Last, Ribbon has upsized its $500 million credit facility which the company says will enable more than $10 billion in home transactions annually.
Founded in 2017 in New York and Charlotte, Ribbon’s main feature is providing borrowers with upfront financing to make all-cash offers on homes for sale. The company, which works with both buyers and agents, provided $1.5 billion to qualified home buyers in the last quarter.
“We are thankful to our investor group for their confidence and support in our mission to make homeownership achievable. 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. The historically low inventory of homes and hypercompetitive housing market has opened eyes: everyday buyers lose out on homes as affordability disappears, and other solutions for agents and lenders are insufficient to meet the moment. They all deserve better. Ribbon has become stronger by partnering with the ecosystem of agents and lenders – together we’ve empowered the consumer with best-in-class software and home financing solutions.” – Shaival Shah, co-founder and CEO of Ribbon.
“In a moment when one third of home offers are cash, consumers have a competitive entry point with Ribbon’s novel ecosystem approach. In the wake of Ribbon’s exponential growth, we are excited to partner as they grow their footprint in the United States, and help more people compete for – and realize – homeownership.” – Seyonne Kang, Greenspring Associates.