Divvy Homes Acquisition, Valuation, Funding & Investors
Divvy Homes was acquired by Brookfield Office Props for $1B in January 2025, a 10.0x multiple on $100M of revenue.
Divvy Homes acquisition price
$1B
Acquired by Brookfield Office Props · Jan 2025
Divvy Homes revenue at acquisition
$100M
Last twelve months · Jan 2025
Divvy Homes revenue multiple at acquisition
10.0x
EV/Revenue · Jan 2025
Cumulative funding Divvy Homes raised
$370M
across 5 funding rounds
About Divvy Homes
Divvy Homes is a San Francisco-headquartered rent-to-own real estate platform founded in 2017. The company purchases homes on behalf of renters, who make monthly lease payments building toward equity while Divvy handles maintenance and resale. It operates in markets like Atlanta, Charlotte, and Phoenix, closing the affordability gap for first-time buyers with down payments as low as five percent.
Founded
2017
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$184M (Aug 2021)
Valuation
$2B (Aug 2021)
Sectors
Divvy Homes Acquisition
Divvy Homes was acquired by Brookfield Office Props for $1B on 22 January 2025.
The acquisition price implies a 10.0x revenue multiple on $100M of revenue.
Before the acquisition Divvy Homes had raised $370M across 5 funding rounds.
Divvy Homes, a San Francisco-based rent-to-own platform founded in 2016, buys homes for renters and leases them back for three years while customers save for purchase, having created 2,000 homeowners and raised over $700 million in debt and equity from investors including Tiger Global, Andreessen Horowitz, and GGV Capital, with a prior $2.3 billion valuation in 2021. The company faced challenges from rising interest rates in 2022, leading to three layoff rounds, halted home acquisitions, customer complaints, and operational struggles with a portfolio of around 7,000 homes by late 2023. Brookfield Properties, through its Maymont Homes division operating over 10,000 single-family rentals in more than 40 U.S. markets, acquired Divvy Homes' property portfolio and platform for approximately $1 billion, announced in January 2025 and expected to close mid-February 2025. The deal structure involves total consideration of $1 billion, a sharp discount from Divvy's peak valuation, advised by Latham & Watkins for Brookfield, and described as a fire sale reflecting proptech consolidation amid challenging market conditions. Strategic rationale for Brookfield expands its real estate footprint by integrating Divvy's rent-to-own model into Maymont Homes' property management strategy. Some Divvy shareholders may receive no proceeds due to liquidation preferences, per CEO Adena Hefets' letter, with insiders reporting mass layoffs leaving only a small dispositions team, signaling a bloodbath for investors and employee equity. This acquisition underscores 2025 M&A trends in real estate tech, where startups exit to resource-rich firms amid volatile markets, high rates, and economic shifts that exposed vulnerabilities in rent-to-own models reliant on favorable conditions.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 22 Jan 2025 | Strategic M&A | $1B | 10.0x |
Divvy Homes Valuation
Divvy Homes is currently valued at $2B, based on its Series D in August 2021.
The $200M round was led by Caffeinated Capital and Tiger Global, with participation from GIC, Andreessen Horowitz, Moore Capital and Notable Capital.
Divvy Homes' valuation has grown 4.1x from $490M at its Series C in February 2021 to $2B in August 2021, across 2 priced rounds.
Divvy Homes valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2021 | Series D | $2B | 10.9x |
| Feb 2021 | Series C | $490M | - |
Divvy Homes Revenue
Divvy Homes' latest recorded revenue is $184M, as of its Series D in August 2021. At a $2B valuation, that implies a 10.9x revenue multiple.
Divvy Homes revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2021 | $184M | $2B | 10.9x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Divvy Homes Funding History
Divvy Homes has raised a total of $370M across 5 funding rounds.
Divvy Homes' first fundraising round was a $7M seed round in January 2018. The most recent completed round was a $200M Series D in August 2021.
Divvy Homes funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Series D | Caffeinated Capital (lead); Tiger Global (lead); GIC; Andreessen Horowitz; Moore Capital; Notable Capital | $200M | $2B | Divvy Homes is a San Francisco-based proptech startup that buys homes on behalf of renters, renting them back while customers build equity, credit, and savings toward eventual ownership, with about 25% of monthly payments allocated to a down payment fund allowing purchase after up to three years. The company operates a tech-driven platform active in 16 U.S. markets including Atlanta, Dallas, Denver, and Phoenix, expanding in Georgia, Texas, and Florida, and partners with real estate agents who receive full commissions. In its August 13, 2021 Series D round, Divvy raised $200 million co-led by Tiger Global Management and Caffeinated Capital, with participation from Andreessen Horowitz, GIC, Moore Capital Management, Notable Capital, and others, bringing total funding to over $700 million and quadrupling its valuation to a $2 billion post-money figure. The round preempted a broader capital raise and followed a $110 million Series C five to six months earlier also led by Tiger Global. Funds were earmarked for investing in agent success teams, hiring, onboarding more agents (which had tripled to 25,000 over the past year), exploring partnerships like LendingTree and homebuilders, and content/offline marketing. Since the Series C announcement, cumulative qualified applicants and monthly homes closed tripled. Tiger Global partner Scott Shleifer highlighted Divvy's potential to help over 100,000 families become homeowners in the next decade amid a wave redefining U.S. home access. By 2025, Divvy had created 2,000 homeowners before its acquisition by Brookfield's Maymont Homes division for about $1 billion, less than the prior $2 billion valuation. |
| Feb 2021 | Series C | Tiger Global (lead); Jaws Ventures; Andreessen Horowitz; Moore Capital; Notable Capital | $110M | $490M | Divvy Homes is a rent-to-own proptech startup that purchases homes on behalf of renters, renting them back while customers build equity, credit, and savings toward eventual ownership, typically over up to three years. The company assesses customers based on predicted mortgage readiness in three years using AI-driven mobile applications. In February 2021, Divvy raised $110 million in a Series C equity round led by Tiger Global Management, with participation from GGV Capital, Moore Specialty Credit, JAWS Ventures, and existing investors including Andreessen Horowitz. This brought total debt and equity raised since 2017 to over $500 million, with about one-third equity and two-thirds debt. Divvy had expanded from 8 to 16 markets by early 2021, including Atlanta, Dallas, Phoenix, Miami, San Antonio, and Houston, and financed five times as many home purchases in 2020 compared to pre-pandemic levels amid a single-family home buying surge driven by the pandemic, tighter bank lending, and low down payment savings. Average home prices Divvy handled rose from $140,000-$150,000 initially to over $200,000. The company provided pandemic support like rent relief, waived fees, and flexible payments for affected customers. Tiger Global partner Scott Shleifer highlighted Divvy's potential to help over 100,000 families become homeowners in the next decade. Proceeds from the Series C were earmarked for further expansion to over 20 markets serving more than 70 million Americans by year-end, alongside launching adjacent products for an end-to-end home-buying experience, including realtors, lending, title, escrow, inspections, negotiations, and repairs. A subsequent round five months later valued Divvy at $2 billion after raising $200 million co-led by Tiger Global and Caffeinated Capital. |
| Sep 2019 | Series B | Max Levchin; GIC; Lennar; Andreessen Horowitz; Caffeinated Capital | $43M | - | Divvy Homes, a San Francisco-based proptech startup founded in 2017, operates a rent-to-own platform that helps renters transition to homeownership. Customers select any home on the market, Divvy purchases it, and renters make monthly payments split between market-rate rent (about 75%) and equity building (25%) toward an eventual down payment, typically aiming for ownership within three years or less. The company launched in Atlanta, Cleveland, and Memphis, targeting Tier 2 and 3 cities to maximize impact on homeownership accessibility, especially for those who cannot qualify for traditional mortgages. On September 25, 2019, Divvy Homes raised a $43 million Series B equity round led by new investors GIC (Singapore’s sovereign wealth fund) and Lennar Corporation (a major U.S. homebuilder), alongside existing backers Andreessen Horowitz, Caffeinated Capital, and Max Levchin. This followed a $10 million Series A in 2018 and over $100 million in debt financing, bringing total capital near $200 million. The funds were earmarked for team expansion (headcount grew 5x to 40), technology investment, home purchases, and market growth. At the time, Divvy reported strong early traction, including 10x revenue growth year-over-year in August 2019 and average customer savings exceeding $5,000 per household. It positioned itself against competitors like Point, Loftium, and Flyhomes in the expanding homeownership fintech space, emphasizing no hidden fees and a focus on wealth creation. Investors like Andreessen Horowitz's Alex Rampell highlighted Divvy's disruptive model outpacing the industry. Divvy later raised a $110 million Series C in 2021 reportedly at a $2 billion valuation (not for this round), expanded to 16 markets with homes averaging $200,000, and created over 2,000 homeowners before facing challenges from rising interest rates in 2022, leading to layoffs. In 2025, Brookfield Properties acquired it in a fire sale for approximately $1 billion, integrating operations into Maymont Homes. |
| Oct 2018 | Series A | Andreessen Horowitz (lead); SciFi VC; Threshold; Caffeinated Capital | $10M | - | Divvy Homes raised a $10 million Series A round in 2018 led by Andreessen Horowitz with participation from Caffeinated Capital, SciFi VC, and others. The company operates a rent-to-own platform, purchasing homes on behalf of customers who provide a small down payment and pay market-rate rent plus an equity portion toward eventual ownership. It targets middle-class renters excluded from traditional mortgages, focusing on Tier 2 and 3 cities like Cleveland, Memphis, and Atlanta with median home prices ranging from $52,000 to $242,000. Alex Rampell from Andreessen Horowitz led the investment and joined the board. Some reports describe the round as $30 million combining equity and debt from Andreessen Horowitz and Cross River Bank. The funds supported expansion and home purchases, as Divvy was already acquiring one home per day at launch. |
| Jan 2018 | Seed | Caffeinated Capital (lead); HVF Labs; Avichal Garg; GE32 Capital; Threshold | $7M | - | Divvy Homes is a proptech platform that enables renters to build equity while renting and transition to homeownership. The company's model involves purchasing homes on behalf of users and allowing them to live in the property while making monthly rent and equity-building payments, with the goal of becoming mortgage-ready within three years. In January 2018, Divvy Homes raised $7 million in a funding round led by Caffeinated Capital, with participation from Max Levchin's HVF, DFJ, and a credit facility. The capital was allocated to support geographic expansion into Cleveland and Atlanta and to accelerate team growth. The platform addressed the challenge of manual processes plaguing real estate, focusing on automating application processing, underwriting, and home management operations to offer competitive pricing compared to traditional institutions. |
Who has invested in Divvy Homes?
14 investors have backed Divvy Homes across its funding rounds, including Andreessen Horowitz, Caffeinated Capital, Tiger Global, Notable Capital, GIC and Threshold.
Lead investors include Caffeinated Capital, Tiger Global and Andreessen Horowitz.
Divvy Homes Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Oct 2018 | |
| San Francisco, CA | 4 | Lead | Jan 2018 | |
 Singapore | 2 | Participant | Sep 2019 | |
| New York City, NY | 2 | Lead | Feb 2021 | |
| San Francisco, CA | 2 | Participant | Jan 2018 | |
| New York City, NY | 2 | Participant | Feb 2021 | |
| San Francisco, CA | 2 | Participant | Feb 2021 | |
| San Francisco, CA | 1 | Participant | Jan 2018 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Max Levchin |  Ukraine | 1 | Participant | Sep 2019 |
| Miami, FL | 1 | Participant | Feb 2021 | |
| San Francisco, CA | 1 | Participant | Oct 2018 | |
| Miami, FL | 1 | Participant | Sep 2019 | |
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Start Free TrialDivvy Homes Competitors
Divvy Homes competitors include listed companies like LendInvest and Parvis Invest, and private ones like Avenue One, Nesto, Homeward and Snapdocs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | - | - | $1B | - | |
 Montreal | Private | $300M | - | $1.1B | 3.5x | |
| Austin, TX | Private | - | - | $800M | - | |
| San Francisco, CA | Private | $152M | - | $1.5B | 9.9x | |
 United Kingdom | Publicly listed | $139M | $47M | $54M | 20.9x | |
| Canada | Publicly listed | $2M | ($818K) | $7M | - |
Divvy Homes Public Comps
Divvy Homes is no longer listed, but its public comps include Centuria Capital, RFA Financial, MFA Financial, Walker & Dunlop, Deutsche Pfandbriefbank, Enity Holding, Ellington Financial, SHL Finance, IndiGrid Infrastructure and Eqdom.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $44M | - | 27.5x | 5.4x | - | 9.0x | |||
| $172M | ($66M) | 8.4x | - | (21.9x) | - | |||
| $299M | - | 24.2x | 30.2x | - | - | |||
| $1.2B | $318M | 2.7x | 2.6x | 10.6x | 12.7x | |||
| $481M | - | 1.1x | 1.2x | - | - | |||
| $133M | - | 8.2x | 6.7x | - | - | |||
| $641M | - | 31.4x | 43.2x | - | - | |||
| $54M | - | 21.1x | - | - | - | |||
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Common questions about Divvy Homes
| When was Divvy Homes founded? | Divvy Homes was founded in 2017. |
| Where is Divvy Homes headquartered? | Divvy Homes is headquartered in San Francisco, CA, United States. |
| Is Divvy Homes publicly listed? | No, Divvy Homes was acquired by Brookfield Office Props in January 2025. |
| Who acquired Divvy Homes? | Divvy Homes was acquired by Brookfield Office Props in January 2025. |
| How much was Divvy Homes acquired for? | Divvy Homes was acquired for $1B in January 2025, a 10.0x revenue multiple. |
| What is Divvy Homes' valuation? | Divvy Homes was last valued at $2B in its Series D in August 2021. |
| How much funding has Divvy Homes raised? | Divvy Homes has raised $370M across 5 funding rounds. |
| What was Divvy Homes' last funding round? | Divvy Homes' last funding round was a $200M Series D in August 2021, led by Caffeinated Capital and Tiger Global. |
| Who are Divvy Homes' investors? | Divvy Homes' investors include Andreessen Horowitz, Caffeinated Capital, GIC, Tiger Global, Threshold, Moore Capital, Notable Capital, HVF Labs, Max Levchin, Jaws Ventures and 4 others. |
| What is Divvy Homes' revenue? | Divvy Homes' latest recorded revenue is $184M (August 2021). |
| What is Divvy Homes' revenue multiple? | Divvy Homes' latest valuation implies a 10.9x revenue multiple ($2B valuation on $184M of revenue). |
| Which companies are comparable to Divvy Homes? | Companies comparable to Divvy Homes include Avenue One, Nesto, Homeward, Snapdocs, LendInvest and Parvis Invest. |
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