Philadelphia-based RenoFi, an artificial intelligence-enabled renovation financing platform, recently closed on a $22 million Series B funding round.
The company plans to use the funding to more than triple its team of renovation financing specialists over the next year and expand partnerships with credit unions and embedded financing platforms.
“Millions of homeowners want to renovate, but many lack the equity to borrow what they need,” Justin Goldman, RenoFi co-founder and CEO, said. “By creating the world’s first Renovation HELOC (home equity line of credit), building technology for the incredibly manual mortgage process, and partnering with a network of trusted credit unions, we’ve made it possible for homeowners to fund their dream projects without draining savings, racking up high interest rate debt or giving up their low-rate mortgage. This new capital will allow us to meaningfully scale our team, grow embedded financing partnerships, and help millions of more families to turn renovation plans into reality.”
Fifth Wall, a New York City and Los Angeles-based asset manager investing at the intersection of real estate and technology, led this round. Progressive Insurance also was a large contributor.
These investments underscore homeowners’ growing need for renovation-specific financing solutions, RenoFi said.
The company has raised $65 million in capital.