Setpoint, the company building infrastructure for modern real estate transactions, closed a $43 million Series A led by Andreessen Horowitz with participation from Henry Kravis (KKR), Spencer Rascoff (co-founder of Zillow and 75andSunny), Fifth Wall, 645 Ventures, NextView Ventures, LiveOak Venture Partners, Vesta Ventures, ATX Venture Partners and Capital Factory.
The company also announced that it is on track to power 25,000 home transactions this year and expects to power more than 100,000 in 2023 via SFR, iBuying, Power Buying, Fractional Ownership, Rent-to-Own and other transactions that make buying, selling and renting a home easier, faster, and more accessible.
Setpoint is building the next-gen infrastructure for real estate and asset-backed lending. The company’s software makes warehouse transactions instant and error-free. A RHW funding operating system for originators, it verifies and stores documents, automates interest rate calculations and digitizes assets such as homes or autos. The company aspires to make credit more widely available and the underlying assets and loans more liquid.
“Behind many of life’s most important transactions — buying or renting a home or starting a business — is a complex system of trust and credit. Each day, billions move between warehouse lenders like Goldman Sachs and companies like Flyhomes that originate loans,” said Stuart Wall, CEO at Setpoint. “These warehouse transactions are powered by email, Excel, paper documents and software developed in the 1980s. In less than a year, Setpoint has made significant headway solving this problem within proptech, leading to tens of thousands of home sales, which we expect to more than quadruple in 2023.”
This new funding will allow Setpoint to invest in software engineering and develop critical tools for its customers on both sides of asset-backed transactions. The company also expects to expand outside of real estate by powering all asset-backed lending.
