Perch rebrands as Orchard; scores additional $36M Series B to scale home buying marketplace
Orchard, the home buying marketplace startup that makes purchasing a home stress-free, fair and simple, announced today it has changed its name to Orchard. In conjunction with the rebranding, the startup also announced it has raised $36 million in new equity funding to further invest in product innovation, hiring, and growth. The round, which was led by Navitas with participation from FirstMark, Juxtapose, and Accomplice, brings the company’s total equity capital raised to $69 million.
Founded in late 2017 Court Cunningham and Phil DeGisi, the New York City-based Orchard is transforming the way people buy and sell their homes by bringing simplicity, convenience, and certainty to the process. The startup has grown rapidly, achieving 10x year-over-year revenue growth and reaching 1,000 total customers served. The company now employs over 150 full-time team members throughout the U.S.
“Orchard is now one of the only companies in the country to deliver a delightful end-to-end home buying experience including AI-driven home discovery, the ability to buy before you sell, and an all-digital closing. As our customer offering has evolved, we took the opportunity to rethink our name and choose a brand that reflects the things our customers tell us they love about us: warmth, friendliness, and humanity,” said Court Cunningham, Co-Founder and CEO.
Traditionally, homeowners looking to purchase their next home face a stressful and uncertain process – they have to either sell their old home first and move twice or buy as a contingent buyer and risk not getting their dream home. Orchard solves this problem by enabling homeowners to buy before they sell. With Orchard, customers secure their dream home first using Orchard’s cash, while having the certainty of selling their old home with Orchard – all for the same fee as a traditional broker. Orchard is transforming the end-to-end home buying experience with AI-powered home search and a modern, all-digital mortgage and closing.
“Navitas brings deep real estate expertise to Orchard’s investor base. More importantly, they share our vision that today’s real estate transaction is outdated, fragmented, and poorly served by a patchwork of different point solutions. Consumers need a platform with a single digital backbone that can serve them through the entire transaction seamlessly – this is what Orchard is doing.” added Court Cunningham, Co-Founder, and CEO.
“Orchard removes the friction from a conundrum that millions of Americans face every year – their platform’s streamlined end-to-end customer experience is the best we’ve seen,” said Travis Putnam, Navitas Managing Partner. “In getting to know Court and the Orchard team, what stood out most to us was their vision and their ability to execute. We are excited to bring to bear Navitas’ extensive real estate network as Orchard enables more homeowners to open doors to new homes and opportunities.”