Orchard, formerly Perch, announced it has attained new funding to help expedite the home buying process.
Navitas Capital led the $36 million Series B funding round, with Accomplice, Juxtapose and First Mark Capital participating. It is the second funding round for the company in two years, following its Series A round in May 2018 that brought in $30 million.
This latest funding round boosts its total capital raised to $69 million. Orchard will use the new funding to further grow its product innovation, staffing and growth plans.
Orchard solves the common home seller dilemma of having to sell their old home first before completing the sale on a new home, causing customers to move twice or buy as a contingent buyer, possibly missing out on their coveted home. Orchard customers can buy their target home before they sell their old one, using funds provided by Orchard. The company says it’s customers sell their home on-market 85% of the time.
“Orchard is now one of the only companies in the country to deliver a delightful end-to-end home buying experience including AI-driven home discover, the ability to buy before you sell, and an all-digital closing,” said Court Cunningham, Co-Founder and CEO of Orchard, in a statement.
As for the name change from Perch to Orchard, “As our customer offering has evolved, we took the opportunity to rethink our name and choose a brand that reflects the things our customers tell us they love about us: warmth, friendliness, and humanity.”
Orchard was founded in 2017 in New York City.