NEW YORK and CHARLOTTE, N.C., Sept. 14, 2021 /PRNewswire/ -- Ribbon, the homeownership company, announces today it has secured $150 million, inclusive of $75 millionin Series C equity financing and $75 millionin additional working capital. Additionally, Ribbon has also upsized its $500 million credit facility, on the heels of 15x growth this year.This investment will enable more than $10 billion in home transactions annually, and fuel Ribbon's swift expansion into new states.
The Series C was led by Greenspring Associates, with participation from existing investors Greylock, Bain Capital Ventures, NFX, Nyca, Thomvest and Jake Seid. Ribbon is also welcoming new strategic investors, including First American Financial, Waterfall Asset Management, TriplePoint Capital, Spencer Rascoff's 75 & Sunny Ventures, Gary Beasley, Gregor Watson, and Guy Gal.
"We are thankful to our investor group for their confidence and support in our mission to make homeownership achievable," Shaival Shah, Co-Founder and CEO of Ribbon said. "With our new capital raise, we intend to aggressively expand nationally, build more of the homeownership journey, and meet the significant consumer and partner demand."
Ribbon's homeownership platform allows real estate agents and lenders the ability to easily design winning cash offers, empowering their everyday homebuyers -- while providing sellers with the certainty and speed of a guaranteed, on-time closing.
"The historically low inventory of homes and hypercompetitive housing market has opened eyes: everyday buyers lose out on homes as affordability disappears, and other solutions for agents and lenders are insufficient to meet the moment. They all deserve better," said Shah. "Ribbon has become stronger by partnering with the ecosystem of agents and lenders - together we've empowered the consumer with best-in-class software and home financing solutions."
Over 100 brokerage and lender partners have created their own Ribbon-powered cash experiences, growing to a network of 20,000 agents and loan officers creating $600 million in home offers a month on Ribbon. Word-of-mouth adoption represented an overwhelming portion of demand this year, with Ribbon granting $1.5 billion in Buying Power to qualified home buyers in the last quarter alone.
"In a moment when one third of home offers are cash, consumers have a competitive entry point with Ribbon's novel ecosystem approach," said Seyonne Kang, Greenspring Associates. "In the wake of Ribbon's exponential growth, we are excited to partner as they grow their footprint in the United States, and help more people compete for - and realize - homeownership."
Founded in 2017, Ribbon has become the solution-of-choice for homebuyers, real estate agents and lenders. Agents and lenders are increasingly bringing their clients and transactions to Ribbon, as the company builds the country's leading digital homeownership experience.
Founded in 2017 in New York and Charlotte, Ribbon is on a mission to make homeownership achievable. Ribbon allows everyday families to compete on a level playing field with high net worth individuals and institutional buyers by upgrading their offers to winning RibbonCash Offers. As the leading real estate technology platform, Ribbon empowers agents, brokerages, and lenders to create a world-class experience for home buyers and sellers through powerful financial products and digital workflow software. Visit ribbonhome.com.