To date, its customers have exercised their option to purchase at a rate of roughly 40 percent, Divvy said this week.ĭivvy says it now operates in 16 markets and is expanding its footprint in Georgia, Texas and Florida, and works with about 25,000 real estate agents across the country.ĬEO Adena Hefets told Crunchbase News earlier this year that the company also plans to add adjacent homebuying services, such as in-house real estate agents, and title, escrow services and mortgage services.
If a customer decides not to buy the home, they are able to cash out their savings, the company said. Customers then rent the home, with about 25 percent of the monthly payment going toward a future down payment, the company told Crunchbase News in February.Ĭlients can build up to 10 percent of the value of the home over the course of their three-year lease, but are also free to buy the home at any point during the lease. That growth, it said, attracted the attention of its lead investors, who it said “preempted the Series D.”Ĭustomers work with Divvy to find a home, and then the company purchases the home on their behalf with the customer contributing about 1 percent to 2 percent of the home’s value. The company said it has already closed more home sales this year than it did in total between its founding in 20. Its latest funding comes just six months after it raised a $110 million Series C funding, also led by Tiger Global. The funding reportedly values San Francisco-based Divvy at $2 billion.ĭivvy aims to make homeownership more accessible via a rent-to-own model.
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Freelance Writers: How To Pitch Crunchbase Newsĭivvy Homes has raised a $200 million Series D funding led by Tiger Global Management and Caffeinated Capital, with participation from existing investors including Andreessen Horowitz, GGV Capital, GIC and Moore Specialty Credit.
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