Local

Better.com Gets $500M Investment From SoftBank

Better CEO Vishal Garg and Softbank CEO Masayoshi Son (Better.com, Getty)

Thanks to a recent capital increase, mortgage startup Better.com’s valuation has risen to $ 6 billion.

Masayoshi Son’s Softbank, known for its big bets on tech companies, has invested $ 500 million in the company. The Wall Street Journal reported..

Better was rated in $ 4 billion After raising $ 200 million in November 2020. The company launched in 2014 as a way to streamline mortgage formation by pre-approving borrowers and reducing costs.

Like other startups looking to streamline the home buying process, Better The booming housing market.. Sources told the journal that the company’s revenue last year was $ 800 million. We also hired a banker for a potential IPO.

Through the Vision Fund, SoftBank has invested in many real estate startups that have since been released.Housing brokerage Compass We made our debut in the stock market this month.Flex office provider We work This year, it will be released due to a merger with a blank check company. And iBuyer Open door It merged with a special acquisition company of Chamath Palihapitiya and was released last year.

According to the Journal, Better will be published by the end of the year.

Last year, the company’s CEO, Vishal Garg, was accused of mismanagement of investor funds and creating a hostile work environment in Better. Forbes.. The lawsuit filed by Goldman Sachs accused Garg of being a “extreme concession” before it was finally withdrawn.

Softbank has agreed to give Garg all the voting rights of the company as part of its investment.

[WSJ] — EB Solomont

Better.com Gets $500M Investment From SoftBank Source link Better.com Gets $500M Investment From SoftBank

Related Articles

Back to top button