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Online real estate marketplace Orchard inks $69M funding deal

NYC-based online home buying marketplace Orchard has announced a $69 million cash injection that will fund its accelerated growth

Orchard’s Series C equity funding round was led by Revolution Growth, with participation from existing investors, FirstMark, Navitas, Accomplice, and Juxtapose.

The latest fundraise brings Orchard’s total equity raised to date to $138 million.

Orchard’s core service offering, Move First, allows customers to purchase their next home and move in before they’ve sold their current one. It also offers customers the ability to buy their next home with Orchard’s cash.

The service, combined with integrated digital closing services, aims to remove one of the most stressful elements of the home buying process: securing a new home when you also have a home to sell.

In the past year, the company has introduced online home discovery products, launched Orchard Home Loans and expanded into Colorado and Georgia.

Since its founding in 2017, the company has helped thousands of customers buy and sell their homes across Texas, Colorado, and Georgia.

“Our vision is to bring real estate into the modern age by allowing customers to manage their entire experience through one simple digital platform. In the same way Amazon has fundamentally changed retail, and Carvana has innovated the car buying experience, Orchard is putting the customer first and modernizing the home buying and selling transaction,” Court Cunningham, CEO and Co-Founder of Orchard.

COURT CUNNINGHAM

We’re thrilled to have a partner in Revolution Growth who has extensive experience working with transformative growth stage consumer businesses that are upending traditional industries. In the year ahead, we’ll be launching an exciting suite of new products and services that further modernize the home purchase experience, while also offering our services to new markets throughout the country.” said Court Cunningham, CEO and Co-Founder of Orchard.

“Orchard has dramatically simplified the customer experience for home buying – the ultimate considered purchase that is too often an antiquated and stressful process. Orchard’s integrated model and tech-forward approach offers the modern consumer the right balance of intuitive e-commerce functionality and expert human assistance from local home advisors,” said Patrick Conroy, principal at Revolution Growth who is joining the board of Orchard.

Orchard will use the investment to further expand their product offerings, as well as grow its team throughout New York, Texas, Colorado, and Georgia.

Additionally, after two successful new market launches in Denver and Atlanta, Orchard plans to expand its services to more states to serve more customers in the next year.

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