Real-estate technology startup HomeLight Inc. today announced that it has raised $60 million in equity funding and $55 million in debt financing at a $1.7 billion valuation.

The equity funding was provided by prominent technology investor Oren Zeev. Zeev’s venture capital fund also led HomeLight’s previous funding round, a $100 million raise announced last September. Overall, the startup has raised more than $742 million in debt and equity financing since launch. 

HomeLight disclosed in conjunction with today’s funding announcement that it has acquired BoardRE Inc., a lending startup also focused on the real-estate market. The terms of the deal were not disclosed. BoardRE, which does business as Accept.inc., previously raised $90 million in debt and equity financing last June from a group of investors that included storied startup accelerator Y Combinator.

Founded in 2012, HomeLight provides financing services that promise to streamline the home buying process. The startup offers a service called HomeLight Trade-In that enables buyers to more easily sell their existing homes when purchasing a new property. Another HomeLight service allows users to make cash offers on homes, which can increase the chance that their offer will be accepted when there are multiple competing bids. 

HomeLight also offers a variety of other real-estate technology products. The startup’s product portfolio includes a platform that helps home buyers and sellers find real-estate agents, as well as tools designed to ease agents’ work. Last September, HomeLight estimated that it would close 2021 with $300 million in annual revenues, up from $100 million a year earlier.

Accept.inc, the startup that HomeLight is acquiring, also focuses on the real-estate market. It provides a service that enables home buyers to make all-cash offers on homes. According to market research cited by the startup, its service can help home buyers secure lower prices and increase the likelihood that their bids will be accepted by as much as 400%. 

Accept.inc stated last June that its revenues had grown by a factor of 10 over the preceding year, but didn’t share absolute numbers. The startup claims that it has helped facilitate the sale of homes worth more than $1 billion. 

HomeLight founder and Chief Executive Officer Drew Uher told  TechCrunch that the acquisition is designed to make the startup’s feature set more competitive against rival products. In addition to integrating Accept.inc ’s service into its product portfolio, HomeLight plans to “prioritize strengthening our operations” and take steps to improve profitability. 

Image: HomeLight

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