Helping people become homeowners
See open opportunities
To make homeownership accessible to everyone.
Yerba Buena, San Francisco, CA
CEO of Otta
As mortgage rates have dropped to historic lows in recent years, banks tightened property purchase requirements, making the process more restrictive and complex for future homeowners. For this reason, homeownership has become even more inaccessible.
Utah-based Divvy provides a homeownership system that buys houses and rents them back to users to help them access equity for mortgage affordability. Customers choose a home which Divvy purchases on their behalf, with the customer providing up to 2% of upfront value. Renters can then cash out their equity to purchase the home within a three year period, or renew their contract.
In 2021 company was acquired by Bill.com for roughly $2.5 billion and with a network of 25,000 real estate professionals. However since then a cooling real estate market and operational issues leading to higher than market rents and inefficient servicing of its properties has hit the company. It has responded with a restructuring, reducing its headcount to align with market conditions and focus on its core activities. With plenty of runway and a positive revenue it seems likely Divvy will overcome the current difficulties affecting the company and the broader proptech sector.
Last 2 fundraises
This company has top investors
Prior to founding Divvy Homes, they invested in early stage companies at DFJ, where they led their fintech investing practice. They started their career as an operator, being one of the early Product Managers at Square, where they helped build and grow Square Capital.
Brian Ma(Board member)
They are an entreprenuer and investor. Before co-founding Divvy, they founded Weave, a professional networking service. Brian was also the founder at Decide.com, an ecommerce price predictions enterprise, acquired by Ebay.
Former CTO of DoubleDutch, the first and only provider of cloud-based geosocial mobile applications for the enterprise. Prior to DoubleDutch, they were a Senior Development Engineer at Microsoft, working on Internet Explorer for 5 years, and Bing Mobile for 1 year. While at Microsoft, Nicholas founded and operated MobileSrc, a mobile development shop.
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Divvy is hiring for 1 job on Otta!
Operations & Strategy