7GC Invests in Roofstock
Roofstock is a real estate technology business that enables institutional and retail investors the ability to invest directly in Single Family Rental (SFR) homes.
The company has raised a $50M Series D round with participation from 7GC, SVB Capital, Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures and Canvas Ventures among other select firms.
Roofstock estimates the SFR market to be in excess of $3 trillion in size and has already transacted over $2 billion in volumes on the platform in the last few years.
Roofstock is transacting in over 70 markets across the United States and boasts the ability to sell a home in an average of 15 days via their asset light marketplace.
The company has experienced rapid growth in 2019. CEO Gary Beasley told TechCrunch:
"...as of the fourth quarter of last year, our run rate was about 500 home transactions per month. It’s been extremely popular with the next generation of investors: 75% of our users are first-time real estate investors, and more than half are under 35."
The company has developed robust data science products, facilitates advisory services, property management services and created fund products for both the institutional and high net worth individual investors on the platform.
7GC invested in December alongside a world class base of investors as the company continues to grow the product offering and presence in new markets domestically and abroad.
Further deal related press:
TechCrunch: Roofstock, which makes it easier to buy a home as an investment property, just raised $50M in new funding
Wall Street Journal: Point, Click, Own: Firms Transform How to Buy Investment Homes
