JAY-Z and Will Smith are joining forces to make home owning more accessible.
Smith’s Dreamers VC and Arrive, the investment arm of Jay’s Roc Nation, are among the companies that participated in the capital raise for Landis Technologies, a startup that aims to guide renters on their path to owning a home.
Signia Venture Partners and founders from Plaid, Cash App, Ethos, Instacart, Front, Flatiron Health, and Tango all reportedly backed the $165 million funding.
Landis’ mission is to help would-be homeowners who aren’t in the position to purchase a home yet. The company buys the property for the customer and rents it to them as their build their credit, save for the down payment, and minimize their debt. Once the customer qualifies for a mortgage, the property can be purchased at a pre-determined price after two years.
“What makes Landis unique is our ability to coach anyone to homeownership,” co-founder, Cyril Berdugo said in a press release. “This new funding will allow us to help more Americans on their path to homeownership by expanding to new states, hiring talent nationwide and providing a better experience to our clients and partner agents and lenders.”
Landis currently operates in 29 cities across 11 states, including North Carolina, Maryland, Pennsylvania, and West Virginia, but the company plans to expand its presence to 20 states in 2022.