Knock, a competitor for Opendoor, receives huge investment

Knock, a home trade-in platform has raised an impressive $400 million investment for a national expansion and to double its 100% headcount.

Foundry Group has led the Series B funding round in New York-based Knock,  with participation from Company Ventures and existing investors RRE Ventures,  Corazon Capital, WTI, and FJ Labs. Knock co-founder and chief executive officer Sean Black declined to disclose the startup’s valuation.

Founded in 2015, Knock helps its customers find a new home, then buys it for them outright in cash. That way home-buyers — who are often in the process of selling an old home and purchasing a new home at the same time — are able to move into their new home before listing their old one. Knock doesn’t purchase your old home but it does help with repairs in hopes of getting its customers the most value out of the sale. Ultimately, Knock receives a 3 percent commission from both the buyer and the seller of the original home.

“We are trying to make it as easy to trade in your house as it is to trade in your car,” Black stated.

Knock is led by founding team members of Trulia, a platform for real estate listings, including Black and co-founder and chief operating officer Jamie Glenn. The pair wanted to build an end-to-end market place where people could trade in their homes at a reduced cost, with less stress and uncertainty.

“Good luck finding anyone who’s bought or sold a home and said they had a great experience doing it,” Black said. “It’s something people just hate and dread. We can make it better and faster and transparent and stress-free.”

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