Updater Raises $60M in Funding to Accelerate Growth in Relocation Market
Updater Technologies ("Updater"), the leading technology platform powering the relocation industry, today announced that it has closed approximately $60 million of funding. Investors in this new convertible note round include multiple long-time backers of Updater, including Second Century Ventures, the strategic investment arm of the National Association of REALTORS®.
Updater has closed approximately $60 million, with an option to raise approximately $15 million in additional capital, for a potential total $75 million convertible note series. The holders of the convertible notes have the right to convert to equity upon a public listing at a future date. Including the financing round announced today, Updater has raised over $250 million.
The investment comes at a time of rapid growth for Updater. With this new capital, the company will accelerate its hiring plan and introduce cutting-edge moving and home-related solutions to millions of households across the United States.
"This financing round will allow us to deliver smarter, more integrated solutions to the millions of households that use our products each year," said David Greenberg, Founder and CEO of Updater.
In the last 1 months, Updater has hired over 100 employees with a focus on product, design, and engineering, bringing the total full-time employee count to well over 250. This funding round will accelerate product development under Chief Product Officer Josh Abrams, who joined Updater in May 2021. The financing will also help achieve several significant product milestones in support of Updater's mission to be the go-to destination for all Americans to conquer their move.
The National Association of REALTORS (NAR), America's largest trade association with over 1.5 million members, has worked with Updater for many years. Updater participated in the inaugural NAR REACH program in 2013, designed to advance the most promising technology companies in real estate and adjacent industries. The financing round announced today marks the third investment in Updater from Second Century Ventures (the investment arm of NAR and the most active global real estate technology venture fund). Second Century Ventures co-led Updater's Series A financing round with SoftBank Capital in 2014. Updater also supplies NAR with anonymous, real-time moving data to inform its trend forecasting and reporting efforts at national, regional, and hyper-local levels. Additionally, Updater offers a suite of technology solutions for real estate brokerages, teams, and agents that hundreds of thousands of REALTORS® leverage annually.
"From the outset of our relationship years ago, we saw how Updater successfully addresses the core challenges consumers face when moving," commented Mark Birschbach, SVP of Strategic Business, Innovation, and Technology at the National Association of REALTORS®. "We've had a front-row seat to Updater's innovation and growth as they've emerged as the industry leader, and we're pleased to deepen our investment and partnership."
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