Camber Creek Takes Flier on Flyhomes: Exclusive
By Philip Russo July 27, 2021 10:00 am
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In one of the largest rounds raised this year by a proptech company, venture capital firm Camber Creek has closed a $150 million Series C investment in Flyhomes.
Flyhomes is a single, integrated platform that packages full-service brokerage, mortgage, titling and other home-buying financial tools. The company says its short-term financing solution turns homebuyers into all-cash buyers, leading to higher acceptance rates and a quicker close.
“Flyhomes is revolutionizing the home transaction process with a more streamlined model and innovative financial tools,” said Jake Fingert, a managing partner at Camber Creek. “We continue to see dramatic evolution in the home-buying process, being led by companies like Flyhomes and Notarize,” the latter also in Camber Creek’s portfolio.
Camber Creek’s bet on Flyhomes follows its recent investment in Bowery Valuation, a proptech firm that cuts the time needed to appraise commercial real estate from weeks to hours. Camber Creek led Bowery’s $1.75 million seed round in 2017 and participated in the company’s $35 million Series B funding round announced last month. The funding will enable Bowery to meet the increasing demand for fast, accurate, quality appraisals as the commercial real estate industry emerges from the COVID, according to Camber Creek.
It’s been a busy first half of 2021 for Camber Creek. In June, its portfolio company, Latch, an access control and building software provider, began trading on the Nasdaq after completing its merger with TS Innovation Acquisitions Corp. Camber Creek was the company’s first VC investor. Latch (LTCH) has an enterprise value of approximately $1.6 billion.
Philip Russo can be reached at prusso@commercialobserver.com.
