Updater Raises $60M in Funding to Accelerate Growth in Relocation Market
Today, we’re pleased to announce the closing of approximately $60 million in additional growth funding. The investment comes at a time of rapid growth for Updater. With this new capital, we’ll accelerate our hiring plans and introduce cutting-edge technology to millions of households across the United States. Including the financing round announced today, Updater has now raised over $250 million.
In the last 12 months, we’ve added over 100 new employees with a focus on product, design, and engineering, bringing our total full-time employee count to over 250. This funding round will accelerate product development under our Chief Product Officer Josh Abrams, who joined Updater in May 2021. This financing round will allow us to deliver smarter, more integrated solutions that support our mission to become the go-to destination for all Americans to conquer their moves.
Investors in the new round include multiple long-time backers of Updater, including Second Century Ventures, the strategic investment arm of the National Association of REALTORS® (NAR). From Updater’s participation in the inaugural NAR REACH program to Second Century Ventures’ role co-leading Updater’s Series A financing, Updater and NAR have worked together for many years. Updater also supplies NAR with anonymous, real-time moving data to inform its trend forecasting and reporting efforts at national, regional, and hyper-local levels. Additionally, Updater’s suite of technology solutions helps hundreds of thousands of REALTORS® annually. The financing round announced today marks the third investment in Updater from Second Century Ventures.
“From the outset of our relationship years ago, we saw how Updater successfully addresses the core challenges consumers face when moving,” commented Mark Birschbach, SVP of Strategic Business, Innovation, and Technology at the National Association of REALTORS®. “We’ve had a front-row seat to Updater’s innovation and growth as they’ve emerged as the industry leader, and we’re pleased to deepen our investment and partnership.”
We’re looking forward to big things ahead. Updater is defining the new standard in moving — and we thank our users, our investors, and our teammates who have supported us on our mission to date.
Read our full press release for further details about the transaction.