Point, a US outfit that provides homeowners access to equity financing in exchange for a fractional share of the future value of their property, has secured $115 million in a Series C round led by WestCap.
Andreessen Horowitz, Ribbit Capital, Redwood Trust, Atalaya Capital Management, DAG Ventures, Deer Park Road Management, The Palisades Group, and Alpaca VC joined the round.
Point's home equity platform lets homeowners unlock up to $500,000 with no monthly payments, no income requirements, and no need for perfect credit. In exchange, they share a piece of their future home price appreciation with investors.
The firm says that Q1 2022 funding volume was up more than five times year-on-year and has also announced $1 billion in new capital commitments from real estate and mortgage-backed securities investors.
The latest funding will be used to develop new products, boosting its technology platform, building out its ecosystem of customers, partners, and investors, and expanding beyond its current presence in 16 states and the District of Columbia to 28 total geographies over the next year.
Eddie Lim, CEO, Point, says: “We expect this additional capital to accelerate our growth as we help cash-constrained homeowners and home buyers build financial stability and achieve their financial dreams.”