Orchard, a vertically-integrated real estate brokerage that helps clients buy and sell a home at the same time, is adding two executives and a board member who bring decades of financial experience to the company as it prepares to expand into new markets nationwide.
Incoming Chief Financial Officer Patrick McClymont, who previously led all finance-related functions for IMAX Corp., “will play a key role in Orchard’s plans for rapid expansion,” the company said. Former CFO Sean Roberts will become the company’s chief operating officer.
McClymont will oversee the accounting, finance and capital markets teams, with JP Morgan and Bain Capital veteran Kelly Brink joining Orchard as head of capital markets.
Courtney Leimkuhler, who boasts two decades of experience in the financial services industry and runs an early stage investment firm, is taking a seat on Orchard’s board.
“Orchard is at the forefront of change in one of the largest consumer categories in the country and is poised for massive growth in the years ahead,” McClymont said in a statement. “I’m thrilled to be joining an experienced leadership team with a strong track record and am looking forward to helping scale the company nationwide.”
Founded in 2017 as Perch, Orchard Technologies Inc. is a vertically-integrated platform, with Orchard Home Loans, Orchard Title, and Orchard Insurance providing digital closings.
“Our view is that the value chain is antiquated and the consumer should be able to deal with one person and one technology stack to close that transaction,” co-founder and CEO Court Cunningham told Inman last year not long after the company rebranded as Orchard and raised $36 million in Series B funding.
Orchard then proceeded to onboard new executives and launch a mortgage division, before landing $69 million in Series C funding in September, bringing total funding to $138 million. The New York-based company wrapped up 2020 by rolling out a new tech platform, Orchard Dashboard, and adding home warranty and insurance services to its offerings.
Orchard hasn’t slowed down this year, announcing plans in January to expand into four new markets in the South and on the East Coast, and the addition in March of a concierge service that lets sellers make repairs and upgrade at no upfront cost before listing.
The company currently provides services in Colorado, Georgia, Texas, North Carolina, Maryland and Virginia.
Competing end-to-end homebuyer service Flyhomes last week announced it had secured $150 million in funding, which the company said would allow it to expand beyond its current markets of Seattle, the San Francisco Bay Area, Los Angeles, San Diego, Portland and Boston.