Seattle-based real estate tech startup Flyhomes is acquiring Home Sale Assured, a company that helps customers buy their new home before selling their old one.
The companies didn't disclose terms of the deal.
Flyhomes said in a news release that it will absorb the Home Sale Assured brand. It didn't say how many employees Home Sale Assured has or many will remain with Flyhomes.
Flyhomes also didn't respond to a request for its current headcount.
The purchase comes after the company went through three rounds of layoffs in the last 15 months as the housing market cooled in response to increasing mortgage rates and waning demand.
"This deal strengthens our offerings and gives us more tools to serve more customers looking for a better way to buy and sell a home,” Flyhomes co-founder and CEO Tushar Garg said in the release.
The company said Home Sale Assured founder and CEO Eric Meadow will join Flyhomes as a senior executive and will report to the company's executive vice president of mortgage and closing, Dan Richards.
Home Sale Assured was founded last year and is headquartered in McHenry, Illinois. It offers what it calls its "Guaranteed Backup Contract," which allows homeowners to get approved for a new home loan knowing that their current home is under contract. Customers then have 90 days to either find a better offer or sell to Home Sale Assured.
Flyhomes, meanwhile, was founded in 2016. The company allows homebuyers to present all-cash offers so they can stand out. After moving into their new homes, buyers can transition to a long-term mortgage, either through Flyhomes or an outside lender. Flyhomes also lists homes for sellers and allows users to search homes.
In February, Flyhomes acquired host-to-own startup Loftium for an undisclosed amount.
Flyhomes raised a $150 million Series C round in 2021 and is backed by Norwest Venture Partners, Battery Ventures, Balyasny Asset Management, Fifth Wall, Trustbridge Partners, Camber Creek, Zillow co-founder Spencer Rascoff, Andreessen Horowitz and Canvas Ventures.
At the start of 2022, Flyhomes told the Business Journal the company had about 820 employees. Flyhomes has just over 400 employees listed on LinkedIn now.
