CHARLOTTE, N.C., Oct. 25, 2018 /PRNewswire/ -- Ribbon announced today it has raised $225 million, helping the New York/Charlotte technology startup fuel national expansion. With new personalized home valuations, a mobile experience for Realtors and a new pricing model that is free to buyers, Ribbon is building on its novel approach to home buying with the most powerful tools in the home transaction for buyers and Realtors.
Ribbon will be expanding into 10 new markets by the end of 2019 and has already expanded into Charlotte, Cary and Asheville, N.C. and recently into Fort Mill and Indian Land, S.C. Ribbon is focused on markets where homebuyers are having the hardest time securing their new homes and face stiff local competition from investors and corporate buyers.
Ribbon directly backs homebuyers and their Realtors with the power of a Ribbon Offer, which is All-Cash, and Guaranteed to Close. Buyer affordability and home valuations are fully approved, same day, making the offer experience fast, transparent and predictable. If a homebuyer can't close with a mortgage on time, Ribbon will buy and reserve the home on behalf of the homebuyer.
"We were able to close on our house on time with Ribbon. Their fully approved cash offer in hand gave us the buying power we needed to beat out other buyers. They bring buying power to the common family and overall, they're an awesome organization from top to bottom and I highly recommend using them," said Jason Lottman, a Charlotte homeowner who recently won and closed with Ribbon.
Ribbon has quickly become the Gold Standard offer for a buyer to make and for a seller to receive, providing everyone in the transaction with a guaranteed, stress-free experience. With Ribbon, homebuyers have greater than a 90% chance of having their offer accepted, saving thousands of dollars in cash discounts and receiving a 100% on-time closing.
"Buying a home is a milestone to be celebrated and enjoyed. However, if you are a first-time homebuyer or you need to sell your existing home prior to buying a new home, the current homebuying process is an intimidating and stressful experience," said Ribbon CEO Shaival Shah. "We solve this problem by buying and reserving a home for a family, so they can secure their mortgage in peace without the risk of losing the home they love. For the first time, we are bringing simplicity to the real estate transaction by absorbing all risk, so buyers, sellers and Realtors can focus on the joy of the home buying and selling experience."
Ribbon partners with Realtors and buyers and is releasing several new product offerings to drive an even more seamless homebuying experience.
Ribbon Personalized Home Valuations. Every family has a unique situation. Ribbon's same-day, free professional home valuations provide buyers with an upfront understanding of the true value of a home, removes appraisal risk, increases their ability to win and illustrates the predicted amount of cash savings for buying with Ribbon. Unlike other valuation tools, Ribbon backs their valuations by committing to buy the home up to the Ribbon Max Value.
Ribbon is Free to Buyers. Ribbon Offers is now free to homebuyers. Sellers prefer to receive Ribbon Offers due to the certainty of its guaranteed close, and they pay the Ribbon fee at closing on behalf of buyers. This is an important innovation to help drive responsible, affordable homeownership for families.
Ribbon Mobile App for Realtors. Realtors provide incredible education and local expertise in the homebuying process. Ribbon's App enables Realtors with a modern, seamless transaction system to guarantee home transactions for their clients. Ribbon's App is available for Apple iOS devices with an Android App to be released shortly.
"Truly a game changer and unlike anything in the market," said Nancy Costa, Realtor at Realty One Group. "It's a win-win for everyone. I used Ribbon for an out of state client who was moving to Charlotte for work without their home being sold yet. It is a great opportunity not only for that, but winning multiple offer bids on a home with an all cash offer."
Ribbon has signed up Realtors across all major brokerages and secured partnerships with some of the largest names. Their growing roster of Ribbon Certified agents currently represent over $2 billion in annual home sales in Charlotte alone.
"Ribbon felt like a safety net throughout the entire transaction," said Deb White, Realtor at Helen Adams Realty. "They gave my clients peace of mind early in the process, with no strings attached. Ribbon is also a great resource for Realtors looking to differentiate themselves with cutting edge solutions for both buyers and sellers to close with certainty."
Ribbon is led by top technology and real estate professionals from major startups, such as LendingClub, Airbnb, Spotify, Twitter, Blue Apron, Invitation Homes and American Homes for Rent.
Ribbon received the new funding from existing investors: Bain Capital Ventures, Greylock, NFX and NYCA.
Ribbon was started by a group of passionate technologists, consumer-centric innovators and real estate experts. The team has built market leading companies and overseen the purchase and sale of over 20,000 homes throughout their careers. We come from notable brands such as: LendingClub, Twitter, Airbnb, Spotify and Invitation Homes.
Ribbon raised financing from top tier venture capitalist firms including: Greylock, NFX, Bain Capital Ventures and NYCA -- investors behind incredible brands such as Trulia, Airbnb, LinkedIn and DocuSign. The Company has secured capital to enable over $2 billion in transactions this year.
Ribbon launched in Charlotte, NC, one of the fastest growing real estate markets in the country. The company has an ambitious plan to scale to several new markets by the end of 2019.