![]() It also worked with its existing customers by offering flexibility and rent relief in the way of waived late fees and flexible payment scheduling, for example. Ultimately, over the course of 2020, Divvy expanded operations from eight to 16 total markets and financed five times as many homes as it had in pre-pandemic times. So while lenders were busier than ever, much of that volume was driven by people who already owned homes refinancing with the lower rates.ĭivvy Homes CEO and co-founder Adena Hefets. Instead of making it easier to buy a home, many banks actually tightened underwriting requirements for approvals, said Divvy CEO Hefets. Mortgage rates dropped to historic lows in 2020, driven by the COVID-19 pandemic. In fact, Divvy - which was co-founded by Adena Hefets, Nick Clark and Alex Klarfeld - was incubated in Levchin’s startup studio HVF. The startup last raised $43 million in Series B funding from the likes of Affirm CEO Max Levchin and homebuilder Lennar (via its venture arm), among others. The latest financing brings Divvy’s total debt and equity raised since its 2017 inception to over $500 million, with about one-third of that raised in equity and two-thirds in debt. Tiger Global Management led the round, which also saw participation from a slew of other investors, including GGV Capital, Moore Specialty Credit, JAWS Ventures and existing backers such as a16z. “Nowports has created industry-leading technology to help its customers know when to turn starboard or port side,” he added.Ĭhris Gottschalk, senior adviser of Mouro Capital, said the Nowports platform brings both “transparency and technology” to a global client base.Despite all the headaches that come with it, homeownership is still the American dream for many.ĭivvy Homes - a startup that is out to help more people realize that dream by buying a house and renting it back to them while they build equity - has just closed on $110 million in Series C funding. The need to track and digitize the supply chain process was never more apparent than with the recent blockage of the Suez Canal by the Ever Given, which became a meme that represented the impacts of inefficiencies in the supply chain, Sidgmore said. Michael Sidgmore, co-founder and partner of seed round lead investor Broadhaven Ventures, described the team as “visionaries in the freight forwarding industry who see the ability to build the operating system for the shipping industry, much like Carta has done for equity ownership.” To familiarize himself with the market for which he’d be developing a technology, Casal worked with a freight forwarder in Kansas City that had been operating for more than 30 years. He and Casal linked up and the two began plotting a way to make the deeply inefficient industry more modern and transparent. The two co-founders of Nowports met at a program at Stanford University, with de los Rios hailing from a family with deep ties to the shipping industry. “Customers are looking for solutions that can improve their logistics processes adapted to current challenges of international trade.” “Slow, inefficient and manual processes in international logistics are disassociated from today’s technological world,” said Nowports co-founder and COO Maximiliano Casal. And, Nowports pledges to shippers that its digital management software will keep track of each container. And, an estimated 50% of shipping containers suffer delays due to disorganized processes or errors during transport, which ends up costing companies billions per year. ![]() Tens of millions of containers are imported and exported from Latin America each year, and nearly half of them are either delayed or lost due to mismanagement. ![]() “Our goal with the series A is to position ourselves as the biggest digital freight forwarder in the region and expand our venture financing solution.” “With platforms, algorithms with AI and integrations, our platform allows companies to take control of their shipments and plan and predict the best timing to move the freight based on the needs of their own company,” he said at the time of the company’s seed raise. Image Credits: CEO and co-founder Alfonso de los Rios / Nowports
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