New York-based Orchard is now live in three markets and plans to use the fresh equity to bolster its staff and invest in technology.

The New York-based real estate technology startup formerly known as Perch announced Tuesday it has rebranded as Orchard and raised $36 million in Series B funding, an equity raise. The company plans to use the funds to invest in product innovation, bolstering its staff and general growth.

Court Cunningham | Photo credit: Orchard

“Orchard is now one of the only companies in the country to deliver a delightful end-to-end home buying experience including AI-driven home discovery, the ability to buy before you sell, and an all-digital closing,” Orchard CEO Court Cunningham said in a statement.

“As our customer offering has evolved, we took the opportunity to rethink our name and choose a brand that reflects the things our customers tell us they love about us: warmth, friendliness, and humanity,” Cunningham added.

Orchard is a company that’s focused on dual trackers – consumers buying and selling a home – which Cunningham estimates is roughly two-thirds of the market place. The company operates in essentially three phases: a modern search platform, enabling customers to buy before they sell with a guarantee and an all-digital close.

Pieces of that vision – a more seamless, certain home transaction – already exist with different companies, but nobody is putting it all together, Cunningham claims.

Before the rebranding effort, Perch launched as an iBuyer, but has since shifted away from that identity. In one phase, the company offers a home sale guarantee, where it provides cash upfront for consumers to buy a new home, while guaranteeing the current home will sell within 90 days.

If an Orchard agent doesn’t sell the home, the company will buy it.

“We want to sell it on the market because that’s good for you, the consumer, you get the best price,” Cunningham said. “We’d rather not own the real estate.”

With the money raised from this funding round, Orchard plans to hire on two fronts. First, the company plans to bolster its tech and product team, which works on the company’s proprietary offerings, including the most accurate automated valuation model in the business, according to Cunningham.

Orchard also wants to bolster its agent workforce. Real estate agents at Orchard are full-time employees, unlike much of the industry, where agents are independent contractors affiliating with a brokerage.

And while the company also plans to use some of the equity to continue to automate and refine the customer experience, Cunningham stressed the importance of having more real estate agents.

“There is always a place for the Realtor in the transaction,” Cunningham said. “It’s an enormous transaction for people and people want the consultation, the advice, the handholding.”

The funding round was led by Navitas with participation from FirstMark, Juxtapose, and Accomplice. The latter three firms were involved in the company’s $20 million equity raise in early 2019.

In total, Orchard has raised $69 million in total equity.

“Navitas brings deep real estate expertise to Orchard’s investor base,” Cunningham said. “More importantly, they share our vision that today’s real estate transaction is outdated, fragmented, and poorly served by a patchwork of different point solutions. Consumers need a platform with a single digital backbone that can serve them through the entire transaction seamlessly.”

Orchard is based in New York City and currently services Texas, Georgia and Colorado.

Email Patrick Kearns

Are you ready for what the industry holds in 2020? Inman Connect New York is your key to unlocking opportunity in a changing market. At Connect you will gain insight into the future, discover new strategies and network with real estate’s best and brightest to accelerate your business. Create your 2020 success story at Inman Connect New York, January 28-31, 2019.

Agenda | Speakers | Past Connect Videos

Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription