Wish that shopping for a new home was as easy as trading in an old car for a new car? Well, Knock is on a mission to make it just as easy. The national home trade-in pioneer recently announced the closing of $400 million in Series B equity and debt financing led by Foundry Group with participation from existing investors RRE Ventures, Corazon Capital, WTI, and FJ Labs, and new investor Company Ventures.
With this influx of new financing, Knock will continue its nationwide expansion and accelerate the development of the proprietary technology behind its unique Home Trade-in program — the first-ever.
Knock’s Home Trade-In program allows Knock to buy a new home (with cash) for a pre-approved home buyer who has a house to sell. The customer can move into the new house and Knock will sell their old house later. Once their old house is sold and their equity is unlocked, the customer can buy the new one back from Knock.
Atlanta home builders, buyers and sellers are lucky to have Knock in the metro area. Their creative trade-in program definitely makes it easier to buy and sell homes. Knock has worked with the who’s who of Atlanta home builders including Pulte, SR Homes, Meritage, DR Horton, Rocklyn Homes, Century Communities, Traton Homes, The Providence Group, Lennar and Paran Homes. Rose Humphrey is the Builder Partnership Manager in Atlanta for Knock. To join this prestigious list, reach out to her at firstname.lastname@example.org to learn more.
“At Knock we believe the only way to revolutionize the real estate industry is by addressing both home buying and selling, given 71% of consumers are doing both at the same time, which is why we’re creating a marketplace solution with our Home Trade-in platform,” said Sean Black, Co-founder and CEO of Knock.
Led by founding team members of Trulia like Black and Co-founder and COO Jamie Glenn, Knock launched in 2015 to bring greater certainty, convenience and cost-effectiveness to the home buying and selling process. Since 2015, Knock has experienced rapid growth, launching in five markets: Atlanta, GA, Charlotte, NC, Raleigh-Durham, NC, Dallas, TX and Fort Worth, TX. Along with its market expansions, the company’s headcount has multiplied in the past two years to 100 full-time employees distributed across 15 states.
“At Foundry we love working with passionate founders who are on a mission to fundamentally change an industry. The Knock team is exactly that — combining years of experience in real estate technology with a fundamental drive to change the way consumers buy and sell homes,” said Levine. “This is an unstoppable combination that we believe will transform the outdated real estate industry.”
This latest round of funding brings the total equity and debt raised by Knock to over $600 million. The new $400M will enable the company to buy more new homes on its customers’ behalf before representing them in the sale of their old ones on the open market.
Knock (www.knock.com) is the first online Home Trade-in platform, a revolutionary new approach to home buying and selling that makes it as easy to trade-in your home as it is to trade-in your car. Launched by founding team members of Trulia.com, the company uses data science to price homes accurately, technology to sell them efficiently and a dedicated team of Licensed Local Experts to guide consumers through every step of the process. Knock’s top tier investors include RRE, Foundry Group, Redpoint, Greycroft, Corazon Capital, Correlation Ventures,Great Oaks Venture Capital and FJ Labs. The company has offices in New York, San Francisco, Atlanta, Charlotte, Raleigh-Durham, Dallas and Fort Worth, with several more on the way.