The company said it has already closed more home sales this year than it did in total between its founding in 20.
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Its latest funding comes just six months after it raised a $110 million Series C funding, also led by Tiger Global. The funding reportedly values San Francisco-based Divvy at $2 billion.ĭivvy aims to make homeownership more accessible via a rent-to-own model. The company has previously landed financial support from Utah’s tech unicorn CEOs Domo founder Josh James and Pluralsight co-founder Aaron Skonnard.Divvy Homes has raised a $200 million Series D funding led by Tiger Global Management and Caffeinated Capital, with participation from existing investors including Andreessen Horowitz, GGV Capital, GIC and Moore Specialty Credit. NEA managing general partner Scott Sandell is joining Divvy’s board of directors as part of the transaction. The round brings Divvy’s total raised to $245.5 million, not including a $250 million credit facility it secured in January. Next year, Divvy will expand internationally. Divvy plans to use the latest investment to bolster product and engineering teams, as well as launch a bill pay product. The company currently counts 200 employees and 3,000 customers on revenue growth of 30 percent quarter-over-quarter. Divvy took what looked like a bunch of disparate ideas, combined them and said holy crap that all makes a lot of sense.” “ Whether intentional or not, Divvy is creating a new category.
#Divvy crunchbase software
“It doesn’t take a genius to recognize that there’s been incredible innovation with B2B software that gives you real-time data,” Murray said. Divvy, however, sets itself apart with a user-friendly mobile app and its corporate credit card, features that allow customers real-time visibility into their spending. The company’s key competitors are legacy expense system Concur and Expensify, a decade-old fellow venture-backed expense manager. That fee is split between Divvy, MasterCard and the issuing bank. The business makes money from every transaction thanks to a fee paid by the merchant. “If you want to disrupt a market you have to be very deliberate in your approach and you have to build powerful experiences that really pull the rug out from under your competition.”ĭivvy’s expense tools are free. “We aren’t taking the route of build fast and break fast,” Murray said. Murray tells TechCrunch the business hasn’t adopted a hypergrowth strategy, opting instead to spend nearly two years carefully crafting and iterating the product before its public launch.ĭivvy co-founders Alex Bean (left) and Blake Murray. Its valuation has grown 1000 percent since then across three rounds of equity funding. Divvy only launched its platform, which allows customers to send and request funds, create virtual credit cards, manage team spending and more, in January 2018. According to PitchBook, the Series B financing valued Divvy at $173 million, suggesting a new valuation of nearly $700 million.įor a business headquartered in Lehi, Utah - for a Silicon Valley startup even - that’s a seriously rapid growth rate.
Murray, Divvy’s co-founder and chief executive officer, declined to disclose Divvy’s valuation though he did confirm it’s grown 4x from the company’s $35 million Series B. The company, not to be confused with Divvy Homes or Divvy Bikes, has raised an additional $200 million in venture capital funding as part of Series C financing led by NEA with participation from Pelion Venture Partners and Insight Venture Partners. Today, that’s Divvy, a tech-enabled replacement of monthly expense reports. In February 2016, Blake Murray wrote down an idea for a business expense and budgeting platform on the back of a napkin.
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