Foundry Group leads oversubscribed round
NEW YORK, June 7, 2022 /PRNewswire/ -- Knock, the fast-growing fintech company that makes all homebuyers Power Buyers, announced today the closing of its previously announced $220 million funding round. In addition, the company announced that it has expanded its board, adding Ian Sigalow, Co-Founder and Managing Partner of Greycroft, and David Garland, Managing Partner of Second Century Ventures, the venture capital arm of the National Association of RealtorsⓇ.
The oversubscribed round was led by Foundry Group with participation from Greycroft and many of Knock's existing investors, including RRE, First American Financial's venture arm Parker89, Company Ventures, Second Century Ventures, and filmmaker and actor M. Night Shyamalan. The round also attracted other new notable investors, including serial entrepreneur Kevin Ryan of AlleyCorp. Ryan founded some of the most transformative companies in New York, including MongoDB, Business Insider and GILT Groupe, and previously led DoubleClick as CEO through its $3 billion acquisition by Google. Knock has now raised a total of $900 million of debt and equity since its founding in 2015.
"Knock's technology and financing innovation is revolutionizing the home buying and selling experience by transforming what has historically been a stressful and complicated process into one that is more certain, transparent and convenient," said Knock Co-Founder and CEO Sean Black. "We are grateful for the confidence our newest and existing investors have shown in our business and the opportunity before us. We believe this underscores the fact that our platform is now more important than ever as homebuyers struggle to compete with cash buyers and are increasingly embracing new ways to buy and sell homes. We are excited to add Ian and Dave to our board. Both bring successful track records of helping to scale fintech and other software companies and their guidance will be invaluable."
Knock provides homebuyers and their agents with innovative financing solutions in a transparent and convenient mobile app experience that empowers them to compete with cash buyers to win their dream home. With the Knock Home Swap™, existing homeowners have access to 100% of the money necessary to buy their new home before listing their old house. Knock GO™ enables first-time buyers and others who don't have a home to sell to make an offer that's competitive with cash by providing sellers with the certainty of a guaranteed, on-time closing.
As Co-Founder and Managing Partner of Greycroft, Ian Sigalow is responsible for the venture capital firm's operations, investment strategy and vision. He is on the investment committee for all Greycroft funds, which invest in consumer, enterprise software, fintech and digital health companies looking to redefine the internet economy. Prior to founding Greycroft, Ian Sigalow founded StrongData, a pioneer in payment encryption, and spent several years as a venture capitalist with Boston Millennia Partners. He holds a bachelor's degree from the Massachusetts Institute of Technology and an MBA from Columbia University Graduate School of Business.
As a Managing Partner of Second Century Ventures, the most active global fund in real estate technology, Garland also guides the award-winning scale-up program REACH. Backed by the National Association of Realtors®, REACH leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. Garland has acquired, owned and managed portfolios of single-family residential, commercial and development properties across America. He maintains over two decades of strategic advisory and board services to numerous public and private real estate and financial firms. He holds a bachelor's degree from Notre Dame and an MBA from the Melbourne Business School.
Knock is rewriting the rules of homeownership with mobile technology and innovative home financing solutions that make all homebuyers Power Buyers. Knock's flagship Home Swap™ product empowers consumers with a non-contingent offer on their phone to buy the home they want before selling the home they have, providing certainty knowing you've found your dream home and the convenience of not having to live through repairs or showings. Knock GO™ (Guaranteed Offer) is a cash-like home loan solution for first-time homebuyers looking to compete in today's hot housing market.
Launched in 2015 by founding team members of Trulia.com, Knock currently operates in 75 markets nationwide. Knock has raised $900 million in debt and equity from top-tier investors, including Foundry Group, Greycroft, RRE, Parker89 and The National Association of Realtors®, giving NAR's 1.5 million members the ability to market Knock's homeownership solutions to their clients. For more information visit: knock.com.
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