Real estate tech firm HomeLight has raised $115 million in a funding round that values it at $1.7 billion, Reuters reported

Homelight’s latest round, comprising $60 million in equity and $55 million in debt, comes as U.S. home sales dip and brokerages including Redfin and Compass are cutting staff.

Homelight, part of an emerging class of fintech companies referred to as “power buyers,” has grown quickly over the last year and a half with its service that helps consumers shop for homes with all-cash offers.

“In a time period with so much volatility in the capital markets, our business is stronger than ever,” Homelight founder and CEO Drew Uher told Reutrers.

In connection with the fundraise, HomeLight revealed it had acquired Denver-based Accept.inc, a competitor in the power-buying segment. 

HomeLight started more than 10 years ago as a real estate agent review site. But it has evolved into a full-service platform offering home-value estimates, mortgages, title and closing services and more.  

The company closed its previous funding round in September 2021, comprising $100 million in equity and $263 million in debt.

Homelight told Reuters that as recently as April it had achieved 500% year-over-year growth in transaction volume for its cash-offer product.

The company’s existing investors include Citi Ventures, Menlo Ventures, Alphabet Inc’s GV and Zeev Ventures. 

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