(Courtesy of Offerpad)
Tech-enabled real estate brokerages are having a moment. Offerpad, the operator of a platform for buying and selling homes, has become the latest such company to head to the public markets via a deal with Supernova Partners Acquisition Company, a SPAC headed by former Zillow CEO Spencer Rascoff.
- The transaction values six-year-old Offerpad at about $3 billion and is expected to provide as much as $650 million in cash to the company, including a $200 million PIPE from BlackRock, Zimmer Partners and Taylor Morrison Home Corp., a national homebuilder.
- Offerpad had previously raised $485 million in equity and debt funding from investors like LL Funds and Citibank, and was valued at $600 million in 2019, according to PitchBook data.
- The company currently operates in over 900 US cities and expects to generate revenue of $1.4 billion in 2021.
- SoftBank-backed real estate company Compass filed for an IPO earlier this month and Opendoor went public through a SPAC at the end of last year.