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After a riotous few years for company operating in the material estate food market , Divvy HomesannouncedWednesday that it isgetting acquiredby a division of Brookfield Properties for “ a full consideration ” of about $ 1 billion .
The consequence may not be the fire sale as previously depict in other reports , although it is less than the $ 2.3 billion that Divvy was last in public valued at in 2021 . The softwood is expect to close in mid - February . ( Reporter ’s note : After this account was published , TechCrunch learned that some Divvy shareholdersmay not receive proceedsfrom the acquisition , grant to a letter from CEO and atomic number 27 - founder Adena Hefets that was viewed by TechCrunch . )
Divvy function a rip - to - own exemplar in which it worked with renters who wanted to become homeowner by buying the home they wanted and renting it back to them for three years while they built “ the savings call for to own it themselves , ” it said .
The company ran into some singultus when mortgage interest group pace start to surge in 2022 , conductingthree known rounds of layoffsin a yr ’s prison term .
ground in 2016 , the once - buzzy inauguration had raised more than $ 700 million in debt and fairness from well - known investors such as Tiger Global Management , GGV Capital , and Andreessen Horowitz ( a16z ) , among others . Divvy ’s last known financial support occurred in August 2021 — a $ 200 million Series D fundingled by Tiger Global Management and Caffeinated Capital . The Series D bout was announce just six months aftera $ 110 million Series C.
Maymont Homes , the Brookfield unit that is bribe Divvy , operate in over 40 market across the United States . In a written statement , Divvy said it has “ make 2,000 homeowner to escort . ”
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