Written by Michael Yang, Managing Partner, OMERS Ventures
Today, Landed announced a $31M Series B financing led by Learn Capital and Navitas Capital, along with other new investors, First American and MassMutual Ventures. We eagerly re-upped in Landed to support the company’s mission to help essential professionals like teachers, nurses and first-responders buy homes and build financial security. It was only Q1 of last year when we first invested in Landed, just as the cover of the pandemic descended upon us.
I’m not going to lie, March and April 2020 were knee-knocking times for us. But the Landed team persevered, much like the essential workers whom they serve. The company launched Landed Home Loans, an accompanying mortgage service, and expanded into several new geographies. More notably, Landed launched new employer partnerships with the University of Colorado Boulder, Boston Public Schools, Sutter Health, UCSF, California State University, the city of Ogden Utah and the Ogden School District, the city of Washington DC, Stanford University and the University of Utah to name a few.
Low and behold, starting last spring, Landed’s constituents re-entered the housing market in force, and the number of homes purchased via Landed reached all-time highs, seemingly, every month.
However, housing affordability remains a tough nut to crack. Sure, mortgage rates are holding steady at relative lows, but the inventory of homes for sale remains limited, exacerbated by lower than optimal new home construction. That government staffer, that principal’s assistant, and that nurse practitioner who wants to live in the community where they work, has never found it more challenging to do so. This has thrust the Landed shared equity down payment program front and center as the missing piece of the solution.
This new round of capital allows Landed to continue to scale and service the robust pipeline of new employers about to go live. OMERS Ventures is extremely proud of what Landed has accomplished over the last 18 months but we are more proud of the profound effect they are having on thousands of essential professionals. Here’s to fulfilling more home buying dreams!