Gilbert-based online home-buyer platform OfferPad received a $260 million investment of combined equity and debt to help the technology company expand across the country, according to an announcement released Wednesday.
OfferPad received the capital from private funds managed by Philadelphia-based investment management firm LL Funds LLC.
OfferPad plans to expand its service nationwide in the coming years with help from the funding injection. The technology company buys homes online from homeowners directly through its online platform.
OfferPad is available for use in Phoenix, Las Vegas, Salt Lake City, Tampa Bay and Orlando and plans is expanding into Los Angeles this month.
OfferPad’s service hopes to make the entire process hassle free by combining its technology in unison with local real estate experts.
“OfferPad is already providing a revolutionary solution in the single-family home industry. With the support of LL Funds, we can now continue to scale the business, offering a better option to tens of thousands of additional homeowners this year, and we’re just getting started,” said Jerry Coleman, co-founder of OfferPad.
OfferPad launched in 2015, and has nearly 100 employees.
The company was founded by Brian Bair and Jerry Coleman. The pair collectively purchased and sold over 100,000 homes across the country.
