Home Captain Closes Series A Financing with Spring Mountain Capital

NEW YORK, March 20, 2018 /PRNewswire/ -- Home Captain announced today that it has completed a Series A financing round led by Spring Mountain Capital to accelerate its commercialization efforts. Home Captain is a veteran-owned, technology-enabled real estate platform that shepherds homebuyers through the home buying journey.  The company greatly improves the home buying experience by matching buyers who have been pre-qualified for a mortgage loan to a curated network of real estate agents. By doing so, Home Captain increases the application-to-closing conversion rate for mortgage banks by three to five times. Spring Mountain Capital joins Second Century Ventures, the strategic investment arm for the National Association of Realtors, as an institutional investor.

Currently, mortgage lenders typically convert 2% to 4% of purchase mortgage loan applications from lead to funded loan. During the lengthy home purchasing process, homebuyers often forget who they were pre-qualified with and are introduced to competing mortgage lenders. Conversely, loan officers lose track of buyers that place their search on hold. This leakage problem is becoming more acute for mortgage banks as the proportion of refinancing transactions declines in a rising interest rate environment, and mortgage lenders become increasingly dependent on home purchase financing transactions.  Home Captain enables mortgage lenders to address the leakage problem and significantly increase their home purchase loan conversion rates. By providing purchase funnel transparency, Home Captain offers lenders a strategic advantage.  The company currently works with over 25 mortgage banks, with an equivalent number in queue, including large household brands.

The Home Captain concierge team uses a proprietary algorithmic matching process to pair prospective homebuyers, who have been pre-qualified for a mortgage, to an agent in the company's curated network of over 30,000 participating real estate agents.  The concierge team, comprised primarily of military spouses, acts as the liaison between the loan officer, the homebuyer, and the real estate agent, ensuring that homebuyers successfully navigate the home buying process.  The quality of the platform is reflected in the company's Net Promoter Score of 91, as rated by homebuyers, representing a significant achievement compared to the financial services industry average of 35.

"Home Captain is precisely the type of innovative fintech company that we seek to invest in," said Launny Steffens, Founding Managing Director at Spring Mountain Capital. "It enables mortgage lenders to 'close the loop' in the application-to-closing conversion process.  The market is rapidly adopting the company's service platform because it delivers value to all the parties in the home purchase process."

"We are excited to be partnering with Spring Mountain Capital," said Grant Moon, Founder and CEO at Home Captain. "This strategic infusion of capital will further accelerate our growth, combining a proven market leader with Spring Mountain Capital's unparalleled network within the financial services sector."

"We are pleased to welcome Spring Mountain Capital to the team," said Tyler Thompson, Partner of Second Century Ventures. "The addition of Spring Mountain Capital to the Board of Directors adds experience and depth necessary to take Home Captain to the next level."

About Home Captain
Home Captain is a veteran-owned, technology-enabled real estate platform that helps shepherd prospective homebuyers through the home buying process, delivering value to homebuyers, mortgage banks, and real estate agents. Home Captain's concierge team uses an algorithmic matching process to pair pre-qualified prospective homebuyers with an agent in the company's curated network of over 30,000 participating real estate agents. The concierge team, comprised mainly of military spouses, acts as the liaison between the loan officer, homebuyer, and real estate agent to ensure that homebuyers successfully navigate the home buying journey. Through the Home Captain platform, mortgage banks are regularly able to increase their application-to-closing conversion rates by three to five times. For more information, visit: https://homecaptain.com/.

About Spring Mountain Capital
Founded in 2001 by John L. ("Launny") Steffens and located in New York City, Spring Mountain Capital, LP ("SMC") is a private investment management firm that focuses on alternative asset investing. SMC's Growth Equity Group provides expansion capital to companies that are capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. The Growth Equity Group at SMC focuses on two sectors of the U.S. economy undergoing the most change and with the highest growth potential: technology-enabled and healthcare businesses. For more information, visit: http://springmountaincapital.com/.

About Second Century Ventures
Established in 2008, Second Century Ventures, LLC is the strategic investment arm of the National Association of Realtors and has a long history of partnering with real estate technology companies. It seeks to invest in successful companies with significant growth potential and market opportunities in the real estate, finance and insurance sector. For more information on Second Century Ventures, visit: http://www.secondcenturyventures.com/.

Contact
Grant Moon
[email protected]
646-930-6358

SOURCE Home Captain

Related Links

https://homecaptain.com