New York based home buying and selling platform has raised a $21m Series B led by Firstmark and other existing investors. The company also raised a $200m debt facility.
Perch’s funding announcement comes amid something of a funding-arms race in the industry. It follows a new fundraising by Opendoor Labs Inc., the largest home-buying startup in the market, which is now backed by $1.3 billion in equity and $3 billion in debt. And investors recently bet $400 million in debt and equity on Knockaway Inc., or Knock, which helps consumers trade their old house in for another. Publicly traded Zillow Group Inc. also provides similar services. Many of the companies aim to help consumers by removing the uncertainty about whether and when they will sell their home before purchasing a new one. But the businesses are also subject to real-estate market volatility, capital-intensive business models and competition within the same locales.