Seattle-based real estate startup Flyhomes has raised $15 million in fresh funding as it shifts from a consumer-facing model to a wholesale lending platform. The move is part of a broader transition aimed at supporting its "Buy Before You Sell" offering, a product designed to help homeowners purchase a new home before selling their existing one.
Founded in 2016, Flyhomes initially built its brand around providing upfront funding to homebuyers, enabling them to make competitive offers. The company also offered direct brokerage services in urban markets, combining real estate support with financial products.
The new approach moves Flyhomes away from direct consumer interactions. Instead, the company now works with loan officers and real estate agents who present its financial solutions to clients. This transition allows Flyhomes to expand its services across 40 states — and more as lending licenses are secured.
Flyhomes' core product helps homeowners unlock the equity in their current property before it is sold. The program includes securing a backup offer on the home, which helps remove existing mortgage payments from a buyer’s debt-to-income ratio. As a result, buyers can apply equity toward the down payment of their next home without waiting for a sale to close.
To scale this model, Flyhomes recently sold its consumer search platform and related assets to The Real Brokerage.
The latest Series D round includes participation from existing investors Andreessen Horowitz, Norwest Venture Partners, Canvas Ventures, Camber Creek, Al Goldstein, and Mark Vadon. Flyhomes has now raised a total of $208 million in equity funding and has been involved in more than $7 billion in real estate transactions.
Additionally, the company has secured a $200 million warehouse lending facility to support ongoing loan origination. Flyhomes earns revenue through fees and interest on its financial products, although much of the interest revenue is shared with its lending partners.
While Flyhomes reports increasing revenue and lending activity, market awareness remains limited. “Most loan officers, real estate agents, and certainly homebuyers don’t know our products exist,” said Adam Hopson, COO of Flyhomes. “Educating the market is our biggest opportunity.”
The startup is led by CEO and co-founder Tushar Garg. The company has not disclosed its current employee count but hinted at more developments in the coming year as it continues to pursue its partner-first growth model.
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By Proptechbuzz
By Ravi Kumar