Roofstock
{{Short description|American financial technology company}}
{{Orphan|date=January 2021}}
{{COI|talk=talk page section|date=June 2023}}
{{Infobox company
| name = Roofstock
| logo = Roofstock_Logo.png
| industry = {{Unbulleted list|Fintech|Marketplace|Rental Property}}
| founded = {{start date and age|2015}}
| founder = {{Unbulleted list|Gary Beasley|Gregor Watson|Rich Ford}}
| hq_location = Oakland
| num_employees = 205
| website = {{URL|www.roofstock.com}}
}}
Roofstock is an Oakland-based Fin-tech startup founded by Gary Beasley who serves as the CEO,{{Cite web|url=https://techcrunch.com/2016/03/03/roofstock-launches-marketplace-for-purchasing-rented-homes/|title=Roofstock launches marketplace for purchasing rented homes|website=TechCrunch|date=3 March 2016 |language=en-US|access-date=2020-01-31}}{{Cite web|url=https://www.forbes.com/sites/donnafuscaldo/2019/07/16/real-estate-fintech-roofstock-doubles-its-investor-base-of-newbies/|title=Real Estate Fintech Roofstock Doubles Its Investor Base of Newbies|last=Fuscaldo|first=Donna|website=Forbes|language=en|access-date=2020-01-31}} Gregor Watson who serves as the Chairman{{Cite web|url=https://www.benzinga.com/fintech/18/01/11046585/roofstock-announces-7-million-in-additional-funding-learn-how-the-startup-mak|title=Roofstock Announces $7 Million In Additional Funding: Learn How The Startup Makes Property Investing Easier|last=White|first=Spencer|date=2018-01-18|website=Benzinga|language=English|access-date=2020-01-31}}{{Cite news|url=https://www.reuters.com/article/us-roofstock-investment-idUSKBN1F71AU|title=U.S. property startup Roofstock raises more funding from SVB, others|date=2018-01-19|work=Reuters|access-date=2020-01-31|language=en}} and Rich Ford who serves as the Chief Development Officer.{{Cite web|url=https://www.forbes.com/sites/joegose/2018/06/15/renters-are-buying-rental-homes-alongside-mom-and-popsinstitutional-funds/|title=Renters Are Buying Rental Homes Alongside Mom-And-Pops, Institutional Funds|last=Gose|first=Joe|website=Forbes|language=en|access-date=2020-02-09}} The startup was established in 2015.{{Cite web|url=https://techcrunch.com/2017/10/04/roofstock-a-marketplace-for-single-family-homes-with-tenants-just-closed-on-35-million-in-new-funding/|title=Roofstock, a marketplace for single-family homes with tenants, just closed on $35 million in new funding|website=TechCrunch|date=4 October 2017 |language=en-US|access-date=2020-01-31}}{{Cite news|last=|first=|date=26 February 2019|title=New Single-Family Rental Pitch: Want to Buy a Piece of a House?|url=https://www.bloomberg.com/news/articles/2019-02-26/new-single-family-rental-pitch-want-to-buy-a-piece-of-a-house|access-date=2020-01-31|newspaper=Bloomberg}}
Roofstock is an online marketplace for investing in leased single-family rental homes. The company helps its clients by providing them with research, analytics, and insights to evaluate and purchase certified properties.
The company pre-inspects rental properties with information about tenant, current rent, and property manager and makes this information accessible online. Users can compare investment properties around the country.
History
Roofstock Marketplace was launched in 2016 and in 2017 the Roofstock Neighborhood Ratings was launched. It surpassed $1 billion in transactions in 2018. In July 2018, Roofstock acquired Streetlane, a Dallas-based single-family rental management company.{{Cite web|url=https://www.silicontap.com/roofstock_acquires_streetlane/s-0075431.html|title=Roofstock Acquires Streetlane - silicontap.com|website=www.silicontap.com|access-date=2020-01-31}} In 2019, it surpassed $2 billion in transactions.{{Cite web|url=https://techcrunch.com/2020/01/07/roofstock-which-makes-it-easier-to-buy-a-home-as-an-investment-property-just-raised-50-million-in-new-funding/|title=Roofstock, which makes it easier to buy a home as an investment property, just raised $50 million in new funding|website=TechCrunch|date=8 January 2020 |language=en-US|access-date=2020-01-31}}{{Cite web|url=https://dsnews.com/daily-dose/01-13-2020/roofstock-closes-50m-series-d-equity-round|title=Roofstock Closes $50M SFR Equity Round|last=Welborn|first=Seth|date=2020-01-13|website=DSNews|language=en-US|access-date=2020-01-31}} In 2022, Roofstock bought RentPrep, which was led by Steve White, CEO and founder.{{Cite web |date=2024-08-07 |title=Roofstock acquires tenant screening platform RentPrep - FinLedger |url=https://finledger.com/articles/roofstock-acquires-tenant-screening-platform-rentprep/ |access-date=2024-08-07 |archive-url=https://web.archive.org/web/20240807170625/https://finledger.com/articles/roofstock-acquires-tenant-screening-platform-rentprep/ |archive-date=2024-08-07 }} In 2024, Roofstock launched Roofstock Capital Management.{{cite web |title=Roofstock Capital Management (“RCM”) |url=https://www.businesswire.com/news/home/20231206352703/en/Roofstock-Welcomes-Andrew-Schaffler-as-Chief-Investment-Officer}}
Roofstock launched a neighborhood rating algorithm that analyzes more than 72,000 census tracts and ranks their risk. It includes factors like home values, average rent, income levels, employment rates, education levels, crime data, percentage of owner-occupied homes and school district ratings. Also, it ranks each neighborhood on a scale of 1 to 5, 1 being the most risky.{{Cite web|url=https://www.cnbc.com/2017/07/14/landlord-alert-new-index-aims-to-take-the-risk-out-of-rental-investing.html|title=Landlord alert: New index aims to take the risk out of rental investing|last=Olick|first=Diana|date=2017-07-14|website=CNBC|language=en|access-date=2020-01-31}}
Published research
Roofstock published Housing America: Single-Family Rental's Critical Role in U.S. Housing Infrastructure.https://assets.ctfassets.net/6rqe4bgsojj5/1UdEExoKbETjzF08L6uT1c/1e3438b63943938029f0c9bb2e6ec952/SFR_Critical_Role_in_US_Housing.pdfhttps://downloads.ctfassets.net/6rqe4bgsojj5/1XWJOoNsk79sKMNl7gyByc/8607de321a46ab1d296f4546219205bc/BTR_Investment_Primer.pdf
Awards and accolades
- 2017: Was listed as Best Small & Medium Workplaces™ 2017{{Cite web|url=https://www.greatplacetowork.com/best-workplaces/smb/2017?category=small-companies|title=Best Small & Medium Workplaces 2017|website=Great Place To Work United States|language=en-gb|access-date=2020-01-31}}
- 2018: Was listed as Best Small & Medium Workplaces™ 2018{{Cite web|url=https://www.greatplacetowork.com/best-workplaces/smb/2018?category=small-companies|title=Best Small & Medium Workplaces™ 2018|website=Great Place To Work United States|language=en-gb|access-date=2020-01-31}}
- 2019: Won the HousingWire Tech100.{{Cite web|url=https://www.housingwire.com/articles/46107-roofstock-acquires-single-family-rental-management-platform/|title=Roofstock acquires single-family rental management platform|date=2018-07-18|website=HousingWire|language=en-US|access-date=2020-01-31}}{{Cite web|url=https://www.housingwire.com/articles/48659-hw-tech100-winner-roofstock/|title=2019 HW Tech100 winner: Roofstock|date=2019-04-01|website=HousingWire|language=en-US|access-date=2020-01-31}}
- 2019: Was named to the Forbes Most Innovative Fintech Companies list.{{Cite journal|last1=Petrenko|first1=Liudmyla|last2=Prykhodko|first2=Ann|date=2018-12-21|title=Analysis of the world's most innovative companies (Forbes list)|journal=Strategy of Economic Development of Ukraine|issue=43|pages=57–68|doi=10.33111/sedu.2018.43.057.068|issn=2312-9298|doi-access=free}}
- 2019: Received the first ever Finovate Awards award for Best Alternative Investments Platform.{{Cite web|url=https://finovate.com/drumroll-finovate-awards-winners-announced/|title=Drumroll... Finovate Awards Winners Announced|date=2019-09-25|website=Finovate|language=en-US|access-date=2020-01-31}}
- 2019: Was listed as the Best Workplaces in the Bay Area™ 2019{{Cite web|url=https://www.greatplacetowork.com/best-workplaces/bay-area/2019?category=small-and-medium-companies|title=Best Workplaces in the Bay Area™ 2019|website=Great Place To Work United States|language=en-gb|access-date=2020-01-31}}
Fundings
- 2016: Received Series A funding of $13.3 Million from Khosla Ventures, Ron Conway, Marc Benioff, Bain Capital and others.
- 2016: Received Series B funding of $20 Million.{{Cite news|url=https://www.wsj.com/articles/funding-snapshot-home-rental-marketplace-roofstock-raises-20m-series-b-1479125701|title=Funding Snapshot: Home Rental Marketplace Roofstock Raises $20M Series B|date=2016-11-14|work=Wall Street Journal|access-date=2020-01-31|language=en-US|issn=0099-9660}}
- 2017: Received Series C funding of $50 Million led by Canvas Ventures.
- 2020: Received Series D funding of $50 Million led by SVB Capital.