Following Crew stadium deal, Lower announces $100 million in Series A funding
Lower.com has been making some noise in the Columbus business community, with news this week that it has secured $100 million in venture capital funding. That follows last week's announcement that the one-stop homebuying platform has secured a partnership with the Columbus Crew that included naming the Downtown soccer stadium Lower.com Field.
The Series A round, which is a type of fundraising round for younger companies that have crafted a long-term plan to generate revenue, was led by Palo Alto, California-based venture capital firm Accel. It's quite large in the landscape of Series A rounds: The average Series A in 2020 was $15.6 million, according to Investopedia.
Lower, founded in 2014 as Homeside Financial, plans to use the money to expand its product lines and keep growing, which is happening rapidly. The company just launched a new app, HomeFund, and moved to a new office to fit its expanding team, which numbers around 1,600, up from about 650 in June 2020. And yes, it's still hiring.
“More investment means faster growth and more impact,” founder and CEO Dan Snyder said in a statement. Accel partner John Locke will join Lower’s board of directors.
“Dan and the Lower team have quietly created one of the most interesting fintech companies in the U.S,” Locke said in a statement. “[Lower has] an established growth trajectory with over $300 million in revenue. We are excited to partner with them as they continue this journey.”