Orchard raises $100 million
New York-based home buying marketplace Orchard has raised $100 million in Series D funding at over a $1 billion valuation, propelling the company to unicorn status. The round was was led by Accomplice, with participation from repeat investors FirstMark, Revolution, First American, Juxtapose and a syndicate of new investors. To date, the company has raised $255 million.
Founded in 2017, Orchard’s core product is Move First, which 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. In terms of insurance, Orchard partnered with Young Alfred to offer home insurance, and with Cinch Home Services to offer Orchard Warranty. The company also introduced Concierge – a service that repairs and updates homes on behalf of the homeowners before sale, at no upfront cost.
“We’re proud to have built a business that gives the consumer unparallelled convenience, certainty, and control when buying a home. 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.” – Court Cunningham, CEO and co-founder of Orchard.
“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. 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.” – Jeff Fagnan, Founding Partner of Accomplice.
In addition to its funding round, Christa Quarles will be joining Orchard’s board of directors in October 2021. Orchard plans to 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”.