Offerpad Announces Close of Series C Financing; Total Equity and Debt Capital Raised at $975 Million
Citigroup, Inc. (C)
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Source: Business Wire
New investment and Citi facility to accelerate Offerpad growth PHOENIX--(BUSINESS WIRE)-- Offerpad, the Arizona-based real estate and technology innovator, announces the close of its successful Series C financing. The new equity funding, along with previously undisclosed debt capital from Citi late last year, brings the company’s combined equity and debt capital raised to nearly $1 billion since its start just three and a half years ago. Offerpad’s Series C was led by a new investor. Offerpad also secured funding in Q3 2018 from Citi (NYSE: C) in the form of a significant warehouse facility, the real estate tech company’s third in its nearly four-year history. The deal will allow Offerpad to continue its rapid growth trajectory across the iBuyer’s current twelve metro areas. Offerpad doubled its year-over-year home acquisitions in 2017, repeated that growth in 2018, and is now poised to further
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