Home Bay Technologies Raises $13.5M in Series A-1 to Drive Geographic and Market Expansion

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Jan 08, 2019, 11:16 ET

SAN DIEGO, Jan. 8, 2019 /PRNewswire/ -- Home Bay, a full-service digital real estate company, received $13.5 million of Series A-1 funding. The round was led by Signal Peak Ventures with participation from Serra Ventures and E15VC.

"We are thrilled to work with Home Bay on their mission to improve the home buying and selling process," said Scott Petty, Signal Peak Ventures Managing Director. "The method of buying and selling a home has been stuck in the past for decades. Our firm has looked at several attempts to change this model. When we saw Home Bay's approach, we knew it had the solution to change the residential real estate industry forever."

Backed by top agents and brokers throughout the country, Home Bay is modernizing the antiquated, time-consuming and expensive process of buying and selling homes. Consumers receive the same benefits of working with a traditional real estate agent, but without paying exorbitant listing commissions.

"The traditional real estate model is slow, cumbersome, and costly for consumers. Home Bay is revolutionizing the way people buy and sell homes with a platform that streamlines the entire process," said Ken Potashner, Chairman and CEO of Home Bay. "This backing from Signal Peak Ventures strengthens Home Bay's position as the only full-service digital real estate company."

Currently operational in six states, Home Bay will use the funding for further expansion, including enhancing its technology platform and expanding into more states. From within its platform, Home Bay has integrated escrow, mortgage and title services. Other service providers will be integrated.

The equity financing round was conducted in partnership with Mike Krenn and the San Diego Venture Group. Both were instrumental in providing the relationships that facilitated the financing.

This funding announcement follows a strong period of aggressive growth for the company.

About Home Bay: Home Bay Technologies Inc. provides consumers a smarter way to buy and sell homes with data-driven intelligence, complete transparency and an on-demand customer experience. Home Bay's sophisticated platform expedites the transaction with efficient, seamless systems that save consumers and real estate agents time and money. For more information, visit HomeBay.com.

About Signal Peak Ventures: Signal Peak Ventures is a venture capital firm based in Salt Lake City, Utah. The firm invests in innovative software companies and looks for entrepreneurial teams with the potential to transform markets and create lasting value. Specific areas of focus include Internet, SaaS, enterprise software, security and consumer software. For more information, please visit www.spv.com.

SOURCE Home Bay