Seattle-area real estate startup Flyhomes is exiting the brokerage business as it doubles down on its flagship “Buy Before You Sell” financing product.
The company announced Wednesday that it is officially focusing on a wholesale distribution model and transitioning its in-house real estate agents to The Real Brokerage by the end of the month.
Instead of working directly with homebuyers, Flyhomes now partners with loan officers and real estate agents who offer the company’s products to their clients.
The company’s “Buy Before You Sell” program helps buyers purchase a new home before selling their existing one, leveraging equity for down payments and enabling competitive cash-like offers.
Flyhomes in July announced a $15 million Series D round to support the pivot. It also sold its consumer home search technology and related assets to The Real Brokerage.
The funding supports a nationwide rollout of its products, which are already available in 36 states through a network of more than 30,000 loan officers.
Investors in the Series D round include existing backers Andreessen Horowitz, Norwest, Canvas Ventures, Camber Creek, Al Goldstein, and Mark Vadon.
Flyhomes launched in 2016 and has gone through multiple rounds of layoffs in recent years amid rising interest rates and shifting housing demand.
To date, Flyhomes has raised $208 million in equity funding and facilitated more than $7 billion in real estate transactions. It previously raised a $150 million Series C round in 2021.
The company is led by CEO and co-founder Tushar Garg. It declined to disclose total headcount.
Read the full article here
