“Mortgages were harder to get yet we were seeing this mad rush of people who wanted to move out of multifamily and downtown areas,” Hefets recalls. So while lenders were busier than ever, much of that volume was driven by people who already owned homes refinancing with the lower rates. Instead of making it easier to buy a home, many banks actually tightened underwriting requirements for approvals, said Divvy CEO Hefets. Mortgage rates dropped to historic lows in 2020, driven by the COVID-19 pandemic. In fact, Divvy - which was co-founded by Adena Hefets, Nick Clark and Alex Klarfeld - was incubated in Levchin's startup studio HVF.
DIVVY 110M SERIESANN SERIES
The startup last raised $43 million in Series B funding from the likes of Affirm CEO Max Levchin and homebuilder Lennar (via its venture arm), among others. The latest financing brings Divvy’s total debt and equity raised since its 2017 inception to over $500 million, with about one-third of that raised in equity and two-thirds in debt. Tiger Global Management led the round, which also saw participation from a slew of other investors, including GGV Capital, Moore Specialty Credit, JAWS Ventures and existing backers such as a16z.
Despite all the headaches that come with it, homeownership is still the American dream for many.ĭivvy Homes - a startup that is out to help more people realize that dream by buying a house and renting it back to them while they build equity - has just closed on $110 million in Series C funding.
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