Home-buying Platform Flyhomes raises $150 million from Norwest Venture Partners, Battery Ventures
Norwest Venture Partners and Battery Ventures co-led the round, with participation from Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Partners.
Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will join the Flyhomes Board of Directors as part of the transaction.
The startup stated that it intends to triple its current India workforce of 150 people. It plans to hire in the engineering, product, analytics, brokerage and mortgage operations, marketing, and human resources sectors.
“India has been our strategic partner ever since we started... The country and its talent have been instrumental in the success of Flyhomes at a global level. Our first engineers were based in India, and are still with the company... As part of the expansion strategy, we are looking to triple the size of our team, and focusing on hiring engineers, product managers, growth hackers, and business intelligence analysts with an entrepreneurial spirit,” says, Tushar Garg, CEO and Co-founder, Flyhomes.
Flyhomes claims to bring every step of the home-buying process together in one seamless experience, from brokerage to mortgage, and to innovate on financial products to help their clients win faster and for less money.
Gaganpreet Luthra, Managing Director, Flyhomes - India, said, “We are scaling up in India to leverage the top-quality talent here. Our focus is on building the right leadership and culture in India to deliver high-performance output. We have distributed teams across the US and India in almost all verticals today."
Flyhomes, founded in 2016 by Tushar Garg and Stephen Lane, has assisted thousands of people in closing on more than $2.5 billion in real estate transactions using the startup's cash offer.
According to Flyhomes, in today's hyper-competitive market, homebuyers who do not have all of their cash on hand are at a distinct disadvantage, bidding on and losing out on multiple homes before finally winning.
It has also made it possible for its customers to buy and move into their next home before selling their current one, avoiding the hassle of moving twice.
The new funding will also help the startup scale service and support to meet the high demand in its current markets of Seattle, San Francisco Bay Area, Los Angeles, San Diego, Portland, and Boston, as well as open new markets in the United States.