An $11 billion company raised capital from its own customers: real-estate owners like Related Apartments and AvalonBay who would profit from the product working. United Wholesale Mortgage and CEO Matt Ishby invested $100 million. The founder argues investors should use the product long-term, not chase quick returns.
Chapters
You have raised a lot of money for now an $11 billion company you have. Yes. How do you go about raising billions of dollars? So as we launched Built, most of my investors were our customers, like real estate owners, like Related Apartments or Equity Residential or AvalonBay, rental apartment owners who wanted our product and were willing to invest both to help us build it, but because if it worked for them, they could share in the upside. Right. We just brought in United Wholesale Mortgage, the CEO and founder there, Matt Ishby. He's built the largest mortgage business in the world, and he has to put in $100 million into the company as well. And that type of strategic partnership is the dream way to take capital. We said, if we have to take capital, who are the people that are most vested in our long-term success? Not the investors who want a quick markup on paper so they can go raise more money, but the folks who are betting on us because they want to use our product.