UpEquity, a tech-enabled mortgage company that helps homebuyers make all-cash offers, has closed on a $50 million Series B funding round led by S3 Ventures, with $20 million in equity and $30 million in debt allocated.
Next Coast Ventures also participated in the round, along with BP Capital Management, Alumni Ventures, Gaingels, Launchpad Capital and Early Light Ventures.
UpEquity reports year-over-year revenue growth of 500% and has raised a total of $77 million to date. As part of the funding round, Charlie Plauche, S3 Ventures partner, will be joining the UpEquity board.
“Institutional investors have deployed a stunning $77 billion in a period of six months into single-family homes as an asset class with no signs of slowing down,” said Plauche. “Your average homebuyer is now regularly competing against massive companies that can offer very attractive terms to sellers such as all-cash offers and fast close times. UpEquity’s technology is leveling the playing field for everyone by enabling average homebuyers to also make all-cash offers with market-leading close times. We are excited to be involved.”