Homeward, the Austin-based PropTech and FinTech company specialising in cash-backed home financing, has raised $120m in Series D equity alongside $330m in asset-backed debt facilities to expand its bridge financing and cash offer solutions.

The funding will support the expansion of Homeward’s financing products, investment in the technology behind its integrated home buying and selling platform, and growth across the 48 contiguous US states.

Alternative investment firm Saluda Grade led the Series D, with participation from Continental General Insurance Company, Citi Ventures, Magnetar, Harmony Partners, Norwest, Adams Street Partners, LiveOak Ventures, Parker89, Era Ventures and Javelin Venture Partners, among others.

The $330m asset-backed debt facility will be used to fund additional residential property transactions. Homeward is targeting challenges created by a slower US housing market, where longer selling times can make it harder for homeowners to move and for real estate agents to keep transactions on track.

The company uses technology-backed financing to remove home-sale contingencies, provide homeowners with faster access to equity and give buyers greater purchasing power. Its product offering includes Buy Before You Sell, which allows homeowners to purchase a new property before selling their existing home through short-term bridge financing and a guaranteed backup offer.

Cash Offer provides homeowners with the speed and certainty of a cash transaction while allowing them to participate in the upside when the property is later resold. Buy with Cash enables buyers to make cash-backed offers before refinancing into a traditional mortgage after closing.

Homeward also operates Homeward Mortgage and Homeward Title, bringing mortgage and title services into its integrated platform for buying and selling homes.

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