UpEquity, an Austin-based startup that makes a technology platform for homebuyers, has raised $50 million as it looks to continue its rapid growth.
The company, which was founded in 2019 by Tim Herman and Louis Wilson, says its mission is to use technology to improve the homebuying process.
UpEquity's funding round included $20 million in equity and $30 million in debt. The round was led by S3 Ventures. The latest investment brings the company's total funding to $77 million to date.
The company says its platform eliminates the need for a traditional bank home loan.
Homebuyers with good credit are able to use the company's platform to get approved for a mortgage, which they can then use to make what is in effect an all-cash offer for a home. This allows customers to buy a new home before they've sold their current home, the company says.