Roofstock, a platform for investing in the single-family rental rental market, announced yesterday a Series E raise of $240 million, raising its valuation to $1.94 billion. Founded in 2015, the company had previously been valued at $600 million in January 2020.
With approximately 15,000 homes in its current portfolio, Roofstock has completed nearly $5 billion in transaction volume to date, with more than half of that amount taking place in the last year. Gary Beasley, cofounder and CEO, attributes the success of the nearly seven-year old company to the all-in-one nature of its platform which includes extensive algorithms for predicting profitable purchases, fractional ownership opportunities and property management services.
“To my knowledge, nobody out there is looking at the whole opportunity the way that we are,” says Beasley. “We have a number of different business lines, we work with institutional investors all the way down to retail investors. We have the whole universe of demand covered. And then we have mapped all 90 million homes and have a database about them. So we know which ones are rentals and which ones could be rentals.
Beasley further explains their model is less vulnerable than other institutional investor models since they have granular-level financials about the renovation costs. “We have an algorithm that does an Automated Valuation of every property,” says Beasley. “But once we get them under contract, every property before we go hard on any money is fully inspected. We have a guaranteed contract with a guaranteed price on the renovation. It used to take us 20 minutes to underwrite a house.
Roofstock plans to use the latest infusion of funds to expand its portfolio and staff, acquire other potential startups, increase its digital offerings for landlords and property management services and further explore technologies just gaining a foothold in the real estate space. For the latter their most immediate initiative is a blockchain tokenization project as part of a tech accelerator within the Stevens Center for Innovation in Finance at the University of Pennsylvania’s Wharton School.
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