Knock, a startup that helps people buy new homes before selling their old ones, is the latest proptech company to explore going public.
The company has hired Goldman Sachs to help advise it on a possible IPO, Bloomberg News reported. Knock is considering both a traditional initial public offering or a merger with a special-purpose acquisition company, and hopes to raise between $400 and $500 million with an IPO. It’s aiming for a valuation of around $2 billion.
Knock has raised $600 million to date in equity and debt, with investors including Foundry Group, Great Oaks Venture Capital, Redpoint and Greycroft, according to Crunchbase.
Knock originally launched in 2015 as more of a traditional iBuyer, and marketed homes directly to consumers. It’s evolved since then: Last year it launched its Home Swap program, which lets consumers buy new homes before selling their old ones by pre-funding mortgages. It also offers interest-free bridge loans to let sellers make repairs. The program is now available in nine states.
The startup was founded by ex-Trulia execs Sean Black and Jamie Glenn, who serve as Knock’s CEO and COO, respectively, along with Karan Sakhuja, who is the company’s chief architect.
In recent months, Knock has fleshed out its C-suite. In January, it hired Michelle DeBella, who previously worked at Lyft and Uber, as its first chief financial officer.
[Bloomberg News] — Amy Plitt