Real Estate Tech Company Houwzer Raised a $118M Series B as it Introduces New Products

Philadelphia-based real estate company Houwzer has raised a $118 million Series B, the company announced Tuesday.

The round includes $18 million in equity and a $100 million warehouse line of credit, led by Edison Partners. It brings the total equity funding for the B Corp — which operates locally and in DC, the greater Maryland region and Florida — to $35 million since its start in 2015. The funding will primarily go toward the launch of three new consumer products, the company said: Cash Advantage, Convenience Offers and Buy Before You Sell.

Cash Advantage will allow buyers to make Houwzer-backed, all-cash offers, while Convenience Offers gives a seller the flexibility to move quickly with a Houwzer-backed, all-cash offer on their current home. The Buy Before You Sell product is a combination of the two, serving both the buying and selling side of the business.

These products add to the company’s original business model, which leverages technology and full-service, salaried realtors to save home sellers what it says is an average of $15,000, as well as provide home buyers a pressure-free experience. Traditionally, agents would receive a 6% fee; instead, Houwzer charges a flat $5,000 listing fee paid at closing, plus 2.5% for the buyer’s broker.

Read the full article here.

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