Real estate is a giant industry — and one that NYC tech knows especially well. Companies like EasyKnock and Compass raised some of the largest funding rounds last September, and now Knock is joining the list. The company just announced a $400 million megaround made up of debt and equity.
Knock's Co-founder and CEO Sean Black noted the debt portion is especially significant because it allows the company to provide its service to more homeowners.
“We have aggressive nationwide expansion and technology advancement plans, both of which will greatly enhance the experience of more home buyers and sellers," he said. "This round of funding is essential to reaching those goals and increasing our headcount. While we are not disclosing the breakdown of equity and debt, it’s worth noting both are very significant as both are critical to our business model as we expand, since one of the most important steps in terms of its benefit to our customers is buying their new home on their behalf first."
We have aggressive nationwide expansion and technology advancement plans, both of which will greatly enhance the experience of more home buyers and sellers."
Knock is an online home trade-in platform that uses technology to accurately price homes and sell them quickly. Throughout the entire process, a team of professionals guides homeowners through the sale.
Investors in the Series B round include Foundry Group, RRE Ventures, Corazon Capital, WTI, FJ Labs and Company Ventures. As part of the deal, Seth Levine of Foundry Group will join the team’s board of directors.
The company, which was featured in Built In NYC’s 50 Startups to Watch in 2018 report, now has a total funding amount of $434.5 million. It was founded in 2016 and now has more than 100 employees across its NYC, San Francisco and Atlanta offices.
By 2020, Knock plans to grow the number of markets in which it operates. Currently, it’s offered in Atlanta; Charlotte, N.C; Raleigh-Durham, N.C.; Dallas, Texas; and Fort Worth, Texas.