Subject: VEN
Perch Rebrands to Orchard; Announces $36M in Funding to Scale Home Buying Marketplace and 10x Year-Over-Year Growth
NEW YORK, Jan. 7, 2020 /PRNewswire/ -- Orchard, the home buying marketplace that makes purchasing a home stress-free, fair and simple, announced today that it has raised $36 million in new equity funding, led by Navitas with participation from FirstMark, Juxtapose, and Accomplice. The company also announced it has changed its name to Orchard.
"Orchard is now one of the only companies in the country to deliver a delightful end-to-end home buying experience including AI-driven home discovery, the ability to buy before you sell, and an all-digital closing. As our customer offering has evolved, we took the opportunity to rethink our name and choose a brand that reflects the things our customers tell us they love about us: warmth, friendliness, and humanity," said Court Cunningham, Co-Founder and CEO.
Traditionally, homeowners looking to purchase their next home face a stressful and uncertain process - they have to either sell their old home first and move twice or buy as a contingent buyer and risk not getting their dream home. Orchard solves this problem by enabling homeowners to buy before they sell. With Orchard, customers secure their dream home first using Orchard's cash, while having the certainty of selling their old home with Orchard - all for the same fee as a traditional broker. Unlike with iBuyers who purchase old homes directly at a discount to market value, Orchard customers sell their home on-market 85% of the time, getting top dollar while having the certainty of a guaranteed sale.
This additional Series B financing brings the company's total equity capital raised to $69 million. The company will be using the new funding to further invest in product innovation, hiring, and growth.
"Navitas brings deep real estate expertise to Orchard's investor base. More importantly, they share our vision that today's real estate transaction is outdated, fragmented, and poorly served by a patchwork of different point solutions. Consumers need a platform with a single digital backbone that can serve them through the entire transaction seamlessly - this is what Orchard is doing." added Court Cunningham, Co-Founder, and CEO.
Founded in late 2017, Orchard has grown rapidly, achieving 10x year-over-year revenue growth and reaching 1,000 total customers served. The company now employs over 150 full-time team members throughout the U.S.
"Orchard removes the friction from a conundrum that millions of Americans face every year - their platform's streamlined end-to-end customer experience is the best we've seen," said Travis Putnam, Navitas Managing Partner. "In getting to know Court and the Orchard team, what stood out most to us was their vision and their ability to execute. We are excited to bring to bear Navitas' extensive real estate network as Orchard enables more homeowners to open doors to new homes and opportunities."
About Orchard
Orchard is transforming the way people buy their homes. Simplifying it, to the way it should have always been; fair and true to market, straightforward, easy.
Traditionally, homeowners looking to purchase their next home face a stressful and uncertain process - they have to either sell their old home first and move twice or buy as a contingent buyer and risk not getting their dream home. Orchard solves this problem by enabling homeowners to buy before they sell. With Orchard, customers secure their dream home first using Orchard's cash, while having the certainty of selling their old home with Orchard - all for the same fee as a traditional broker. Orchard is transforming the end-to-end home buying experience with AI-powered home search and a modern, all-digital mortgage and closing.
Orchard is headquartered in New York City and offers its services in Colorado, Georgia and Texas.
About Navitas
Navitas Capital is a venture capital firm exclusively focused on early-stage technology investments across the real estate and construction industries. Navitas, established 2009, provides foundational venture capital, industry expertise and market access to its portfolio companies, which include PlanGrid, Matterport, Katerra, HqO, Aquicore, Procore, View, Truss, Bowery, OpenSpace, Orchard (formerly Perch), PeerStreet, & HqO. Operators themselves, the Navitas team pilots and deploys technology solutions across its own 1B+ AUM portfolio alongside those of its Limited Partners, which include institutional REITs, private real estate companies, Fortune 500 companies, endowments, and family offices. Please visit NavitasCap.com for more information.
Orchard PR Contact:
Lindsey Ruthen
856.261.1071
SOURCE Perch
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