Ribbon raises $330M to aid all-cash buyers

Funding includes $30M in equity, $300M in debt

National /
Oct.October 29, 2019 11:00 AM
Ribbon CEO Shaival Shah (Credit: iStock, Pixabay)

Ribbon CEO Shaival Shah (Credit: iStock, Pixabay)

A startup that empowers buyers to make all-cash offers on homes just got a lot more firepower.

Ribbon, based in New York and Charlotte, North Carolina, announced $330 million in new debt and equity that it plans to use to fuel an expansion into new markets and enhance product development. The investment includes a $30 million Series B led by Greylock Partners, and $300 million in debt from Goldman Sachs. (The debt facility may be increased by $220 million, the company said.)

Founded in 2017 by Shaival Shah and Jian Wei Gan, Ribbon empowers buyers who need financing to compete against all-cash bids in a competitive market.

“Buying a home – especially when you want to sell a current home and level up – can be a frustrating and stressful experience. By bringing technology to the homebuying experience, Ribbon makes it much easier for all parties involved,” Josh McFarland, a partner at Greylock said in a statement.

The round, first reported by Inman, brings Ribbon’s total funding to $555 million. Last year, the company raised a $225 million in a Series A from investors including Bain Capital Ventures, Greylock and Nyca Partners. Bain, Greylock and Nyca also participated in the latest round.

Ribbon currently operates eight markets in North Carolina, Tennessee, Georgia and South Carolina, including Charlotte, Raleigh, Nashville, Atlanta, Charleston, Greenville, Memphis and Knoxville. It said it plans to expand to 20 markets in 10 states by the end of 2020.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Robbie Williams asks $9.2M for his sprawling English estate
Robbie Williams asks $9.2M for his sprawling English estate
Robbie Williams asks $9.2M for his sprawling English estate
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
One of the many listing photos with dolls for the New Orleans house (NOLA Living Realty)
Creepy dolls helped sell this New Orleans home super fast
Creepy dolls helped sell this New Orleans home super fast
The Tiana Road property
2 Hampton Bays homes may be demolished for land preservation
2 Hampton Bays homes may be demolished for land preservation
China’s real estate sector rankled investors this week while the Fed signaled it would taper its support of the U.S. mortgage market before the end of the year. (iStock)
Real estate stocks slide as China spooks investors
Real estate stocks slide as China spooks investors
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...