Orchard, the home buying and selling platform, announced today that it has raised $100 million in Series D funding at over a $1 billion valuation, propelling the company to unicorn status.
The round was preempted by its lead investors following a year of 3x growth for the company. Accomplice led the round with participation from repeat investors FirstMark, Revolution Growth, First American, Juxtapose and a syndicate of new investors.
This new round of equity funding will support Orchard’s continued growth and innovation. Orchard will expand to four new markets in 2022 and launch new services to offer millions more home buyers a better way to purchase their dream home. Since its inception, Orchard has raised $255 million in total equity.
“We’re proud to have built a business that gives the consumer unparallelled convenience, certainty, and control when buying a home” said Court Cunningham, CEO and co-founder of Orchard. “We’ve had a year of hyper growth, but at Orchard it’s still day one for transforming residential real estate in favor of the customer. This funding will allow Orchard to continue to innovate for our customers and expand geographically to offer our services to millions more homeowners across the country.“
“We are excited to once again back Court and the Orchard team, and as insiders, we are in the best position to lead this round. Over the last four years we have witnessed Orchard’s strong growth and inspired customer focus,“ said Jeff Fagnan, Founding Partner of Accomplice. “We actively seek the best places to concentrate our capital, and we are confident in Orchard’s position as a long-term winner in the space.“
Over the past year, Orchard has doubled its geographic footprint, launched Orchard Insurance, and introduced Concierge—a service that repairs and updates homes on behalf of the homeowners before sale, at no upfront cost. Orchard also more than doubled its employee base in the last 12 months to invest further in customer experience and support new markets.
In addition to its funding round, Christa Quarles will be joining Orchard’s board of directors in October 2021. Quarles is the CEO of Corel Corporation and has more than two decades of experience in leading and advising companies across multiple operational disciplines including consumer internet, fintech, and marketplace business models. Prior to joining Corel, she served as CEO of OpenTable, leading the company through a period of transformational change and innovation. Previously, she served as Chief Business Officer of Nextdoor, a marketplace connecting local communities to small businesses, and SVP and GM of The Walt Disney Company’s online gaming division.
Founded in New York Cityfour years ago, Orchard now has more than 500 employees across the country, and has helped customers buy and sell billions of dollars worth of homes throughout its markets.