Startup Knock Bets Homebuying Can Be More Like Trading in a Car
- Raises $400 million in equity, debt to enter new U.S. metros
- A wave of home-selling startups borrow idea from car dealers
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Knock, a startup seeking to simplify the house-buying process by making it more like purchasing a car, raised $400 million in equity and debt as it seeks to double the number of U.S. markets it operates in.
The company, which currently operates in five cities, uses cash to acquire homes on behalf of regular buyers, who agree to buy the property from Knock once they are able to sell their existing house. The model is similar to how car dealers let buyers trade-in old rides as part of the transaction, Chief Executive Officer Sean Black said in an interview.