Loan alternative firm's growth fueled by $60 million cash infusion

Hometap – provider of a smart, new loan alternative for tapping into home equity without taking on debt – recently raised $60 million of new operating capital to help fuel its growth, bringing its cash infusion to date to $95 million to help fuel company growth.

The latest funding round was led by American Family Ventures along with new and existing investors that including Bain Capital, ICONIQ Capital, LLC, G20 Ventures, Pillar, and General Catalyst, company officials said. The windfall will be used to continue hiring top talent across all functional areas (sales, marketing, human resources, engineering, and the like); to scale a robust channel partner program; to introduce additional alternative financing products and services to support homeowner needs; and to expand operations nationwide, officials said.

In a telephone interview, CEO Jeffrey Glass described the funding rounds as two pockets of capital in four buckets, the latter repositories for departmental growth priorities. “Number one, we’ve begun to build out and create good momentum to support a robust set of partnerships,” Glass said. “We’re a business that aspires not only to deliver products and services but deliver them in an innovative way.”

This article originally appeared on MPA Mag. Read the full article here.