Housing investment platform OfferPad raised $50 million in venture funding from private equity firm LL Funds and other investors.
The startup also extended an existing, $100 million credit line, Inman reported.
OfferPad buys homes from owners who want to sell quickly and for a guaranteed price, and then lists them for resale on its online platform. The business model is similar to Opendoor, which recently raised $35 million in equity, and Knock.
The company made headlines last month for ending its partnership with Zillow after the listings giant announced it would offer a similar service of buying and reselling homes.
Founded in 2015 by Brian Blair and Jerry Coleman, OfferPad buys and sells homes in Atlanta, Charlotte, Las Vegas, Los Angeles, Orlando, Phoenix, Salt Lake City and Tampa, and plans to expand into more cities. [Inman] — Konrad Putzier