Better was founded in 2016 by Vishal Garg and is headquartered in New York, NY. The company is reportedly planning to go public in August 2023 after its proposal to combine with Aurora Acquisition Corp., a special-purpose acquisition company (SPAC) was approved by shareholders. The merger could bring at least $500M in new capital from SoftBank, with the potential for another $200M if Novator utilizes its $100M option, which SoftBank would have to match.
Better is a digital homeownership company with services including mortgage, real estate and homeowners’ insurance, aiming to make “homeownership simpler, faster – and most importantly, more accessible to all Americans.” Since its founding through mid 2021, Better has funded over $45B in home loans and raised over $400M in equity capital. In 2018, Better patterned with Ally Bank to build Ally powered by Better, and in 2021, Better acquired Trussle, a UK online mortgage banker. Better’s current valuation is $7.7B.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Funding Date | Share Class | Amount Raised | Price per Share | Post-Money Valuation | Key Investors | |
---|---|---|---|---|---|---|
11/30/2021 | Pre-IPO Investment | $750MM | $xx.xx | $6.9B | -- | |
Price per Share
$xx.xx
Shares Outstanding
--
Liquidation Pref Order
--
Liquidation Pref As Multiplier
--
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
--
|
||||||
11/11/2020 | Series D-2 | $58.19MM | $xx.xx | $4B | 9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund | |
Price per Share
$xx.xx
Shares Outstanding
6,671,168
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund
|
||||||
11/11/2020 | Series D-3 | $2.61MM | $xx.xx | $4B | 9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund | |
Price per Share
$xx.xx
Shares Outstanding
299,310
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund
|
||||||
11/11/2020 | Series D-4 | $5MM | $xx.xx | $4B | 9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund | |
Price per Share
$xx.xx
Shares Outstanding
347,451
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund
|
||||||
11/11/2020 | Series D-5 | $14.39 | $xx.xx | $4B | 9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund | |
Price per Share
$xx.xx
Shares Outstanding
1
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund
|
||||||
11/11/2020 | Series D-1 | $16.93 | $xx.xx | $4B | 9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund | |
Price per Share
$xx.xx
Shares Outstanding
1
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund
|
||||||
11/11/2020 | Series D | $131.75MM | $xx.xx | $4B | 9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund | |
Price per Share
$xx.xx
Shares Outstanding
7,782,048
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Ally Ventures, American Express Ventures, L Catterton, Ping An Global Voyager Fund
|
||||||
08/19/2019 | Series C-4 | $1.7MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
710,294
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-5 | $3.71MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
1,506,862
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-2 | $11.29MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
4,586,357
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-6 | $10.18MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
3,721,311
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-3 | $7.49MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
2,737,502
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-7 | $5MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
1,462,373
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-1 | $10MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
2,924,746
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C | $112.02MM | $xx.xx | $868.37MM | 9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
32,761,731
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
9yards Capital, Activant Capital, Agnc Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
02/09/2017 | Series B | $18.7MM | $xx.xx | $288.07MM | Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
9,351,449
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners
|
||||||
02/09/2017 | Series B-1 | $7.31MM | $xx.xx | $288.07MM | Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
3,654,311
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners
|
||||||
05/31/2016 | Series A | $22.66MM | $xx.xx | $151.02MM | 1/0 Capital, Goldman Sachs Group, IA Ventures, Kck Group, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
22,661,786
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000
Key Investors
1/0 Capital, Goldman Sachs Group, IA Ventures, Kck Group, Pine Brook Partners
|
||||||
05/31/2016 | Series A-1 | $7.54MM | $xx.xx | $151.02MM | 1/0 Capital, Goldman Sachs Group, IA Ventures, Kck Group, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
7,542,734
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000
Key Investors
1/0 Capital, Goldman Sachs Group, IA Ventures, Kck Group, Pine Brook Partners
|