Real estate tech startup Landis has announced the backing of two huge figures in entertainment as the company works to broaden it’s mission to guide renters into homeownership.
Jay-Z, via his Roc Nation venture investment arm Arrive, and Will Smith’s Dreamers VC, as well as existing investor Signia Venture Partners, collectively put another $165 million behind Landis, according to a company release. This latest funding brings Landis’ total debt and equity raised to $182 million.
Founded by Cyril Berdugo and Tom Petit, Landis’ technology helps prospective homeowners save money and build a stronger financial foundation through homeownership. Here’s how it works:
Landis’ typical client is unable to get a mortgage due to credit, down payment savings or debt. Landis’ underwriting technology can determine whether the client might qualify for a mortgage in the next 12-24 months. If so, Landis will make a bet on the client’s success by giving them a budget to pick a property, which Landis then purchases.
At that point, the client moves into the home as a renter and is assigned a Landis Coach to work on their mortgage-readiness. As soon as the client is ready for a mortgage, they buy the house from Landis and seamlessly transition from paying rent to paying their mortgage.
The company also helps real estate agents nationwide as the agents who refer clients to Landis represent Landis when the company buys a home for the client.
“We are proud to have invested in Landis,” says Will Smith, via press release. “Landis is an innovative company that also has a social mission we are aligned with. We are excited to be part of a journey that helps Americans achieve homeownership through financial education.”
“We believe that Landis is determined to build a company that consumers can trust,” says Neil Sirni, Co-founder and President of Arrive, Roc Nation’s venture investment arm. “Our investment demonstrates our commitment to supporting Landis on their mission to make the path to homeownership more accessible, transparent and empowering.”