Perch raises $220M to help facilitate home buying and selling

Home buying and selling platform Perch looks like it’s going to become a much bigger player in the industry after raising a massive $220 million funding. The cash comes via a combination of $20 million in equity that’ll be used to fund its business operations, plus $200 million in debt that’s to be used to finance home purchases.

The equity investment was led by existing investors FirstMark Capital, with participation from Accomplice and Juxtapose. Perch declined to disclose the debt lender in the deal.

Perch is focused on the largest segment of home buyers, which are those who’re currently trying to sell their existing home in order to fund their next purchase. Perch calls these buyers “dual trackers”, and says that many face having to choose between making a huge investment in a new property without selling their home first of all, or else selling their home and moving into a rental property until they can find something suitable to purchase. Dual trackers can alternatively make any new home purchase contingent on the sale of their existing home, but this is not always attractive to sellers, as the deal could well be delayed or fall through.

Perch offers a solution to this by making an offer on people’s homes that’s valid for six months. It also helps them to find a new home so as to facilitate that sale. Perch also helps to close on both transactions in the same day to make things more convenient.

Perch’s business model may have some risk associated with it considering the fluctuations in the housing market, but that doesn’t seem to have dissuaded its investors.

“We are solving one of the biggest problems in residential real estate – the inability of homeowners to line up the sale of their old home with the purchase of their new home,” said Court Cunningham, Co-Founder and CEO of Perch. “We’re thrilled that our investors share our vision for bringing a better home buying and selling experience to millions of homeowners.”

Perch’s business model is not too dissimilar from that of Opendoor, which operates by buying homes sight unseen, doing them up, and selling them on for a profit.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at

Recent Posts

15 Ways Real Estate Agents Can Increase Their Organic Traffic

"Cultivate visibility because attention is currency," said author Chris Brogan. This couldn't be more true when…

44 mins ago

ARMs offer tempting mortgage savings, but there’s a risk

A new study from Redfin shows that homebuyers could save an average of $260 per…

1 day ago

AgentStory Launches, Providing Consumers Unprecedented Transparency on Real Estate Agent Performance

A Miami-based real estate technology startup is providing new transparency in the process of selecting…

2 days ago

What’s the difference between a Home Equity Loan, HELOC, and Credit Cards

A Home Equity Loan and a Home Equity Line of Credit (HELOC) are not the…

2 days ago

VR in Real Estate? It’s Closer Than You Think

Virtual reality is often the subject of lots of science-fiction speculation. Today, VR is often…

2 days ago

As homes for sale dry up, buyers look to remodels and teardowns

Challenged to find a suitable home for sale, an increasing number of buyers are looking…

2 days ago