Hometap is looking to up its presence across the nation after securing $100 million in new financing. The company specializes in homeownership investment by allowing homeowners to access 20% of their equity in cash for a 10-year term with a condition stating that the company shares in the home's appreciation, according to HousingWire.
"We’ve been working diligently towards our mission of making homeownership less stressful and more accessible for as many U.S. homeowners as possible, and we’ve had tremendous success thus far," CEO of Hometap Jeffrey Glass said, according to HousingWire.
"But the fact remains that the vast majority of homeowners are currently feeling ‘house rich and cash poor’, and there’s a lot more work to be done to make home equity investments an option that’s available to everyone."
Hometap is just two years old and first launched on the East Coast. Now, the company extends as far as California. According to the report, Hometap's service is accessible by 20% of U.S. Homeowners, however, its goal is to reach 75% of homeowners.
With quite the ways to go, the latest round of funding should help boost the company's ability to achieve its goal over the next couple of years.
"We are thrilled to be investing with Hometap. With a highly transparent, customer-first approach, they are providing a valuable solution to the challenges faced by many homeowners," said Nugi Jakobishvili, ICONIQ’s Chief Investment Officer, according to HW.
To learn more about Hometap's latest round of funding and how it plans on using the investment, click on the image above.