Homeward raised $120 million in Series D equity funding, alongside a separate $330 million asset-backed debt facility, according to Crunchbase News and the company's own announcement on PR Newswire.
Saluda Grade, an alternative investment firm focused on asset-backed credit, led the equity round. Continental General Insurance, Citi Ventures, Magnetar Capital, Norwest, LiveOak Ventures, Adams Street Partners, Javelin Venture Partners, Harmony Partners, Era Ventures and First American also participated, both sources reported.
The Austin, Texas-based company lets homeowners buy a new house before selling their current one through short-term financing, or sell quickly through a cash purchase offer, according to the company. Homeward has partnered with more than 25,000 real estate agents and facilitated more than $4 billion in transactions since its 2018 founding, per its announcement.
"We're agents ourselves, so we built Homeward to help fellow agents solve the real problems their clients face every day," founder and chief executive Tim Heyl said in the announcement. The round brings Homeward's total equity raised to $360 million, Crunchbase News reported.
A stalled housing market usually means less transaction volume for anyone selling tools to real estate agents. Homeward's pitch is that a slow market is exactly when buyers and sellers need financing products that let them move without waiting on a sale to close first, which is why investors are still writing checks here.