Setpoint raises $31M led by a16z for lending software

Citi, Wells Fargo join group investing as startup that simplifies managing debt facilities expands outside of real estate

Setpoint Raises $31M led by Andreesen Horowitz
Marc Andreesen of Andreesen Horowitz with Ben Rubenstein and Stuart Wall of Setpoint (Getty, LinkedIn)

Some of the biggest names in venture capital and real estate lending are throwing their support behind a startup aiming to modernize the software behind lending for real estate and other businesses.

Setpoint, which is based in Austin and New York, launched a $31 million Series B round led by Andreessen Horowitz, a storied Silicon Valley investor that has backed giants such as Airbnb, Slack and Instagram. Wells Fargo and Citi joined the round, which brings Setpoint’s total capital raised to $76 million. 

The company’s software simplifies the process of managing debt facilities, which play fundamental roles in real estate lending. Its platforms aim to replace the byzantine stack of Excel spreadsheets and outdated programs backing much of the industry’s warehouse lending facilities. It recently acquired Resolute to expand its work in due diligence, especially on single-family rentals and residential transition loans.

More recently, the company has expanded outside real estate, working with firms in everything from produce to fertility. 

“This is not just a real estate problem,” said Ben Rubenstein, president of Setpoint. 

Sign Up for the undefined Newsletter

The company plans to put much of the new funding into product, engineering, sales and marketing, Rubinstein said.

But the new funding carries weight beyond its dollar value. It also serves as a sign of approval from Wells Fargo and Citi, mortgage lending heavyweights who will help strengthen the startup’s reputation in a business where trust is paramount. 

“This is a business where it’s all about trust. We are the standard of these calculations and this verification, so we need to be a trustworthy source,” Rubenstein said.

The company’s Series A round in December 2022 came as layoffs roiled the iBuying businesses that made up many of Setpoint’s early clients. Rubenstein and Michael Lam, two of the company’s co-founders, came from Realtor.com, where they worked as CRO and COO, respectively. The third co-founder, Stuart Wall, previously founded Signpost, a marketing firm for small businesses.

Read more

From left: Setpoint's Stuart Wall, Michael Lam, Ben Rubenstein and Andreessen Horowitz' Marc Andreessen (Setpoint, Getty)
Residential
Texas
Proptech startup raises $43M led by Andreessen Horowitz
Residential
National
Rich Barton out as Zillow CEO 
StackWrap launches proptech real estate platform in Los Angeles
Residential
Los Angeles
Proptech real estate startup aims to streamline brokers’ business

Recommended For You