OMERS Ventures has led the $10.5m Series A extension funding round for residential real estate company Landed.
The round, which also included capital from existing backer Initialized Capital, brings the total raised by Landed to just over $22m, in addition to more than $50m in private equity real estate capital Landed has raised for its downpayment program.
Landed offers a shared equity downpayment program for essential employees – starting with educators – who wish to buy homes in the communities where they work, across the US.
The program invests alongside employees in education to help them reach a 20% down payment.
Landed says the US housing market increased by $1.9tn in 2019 to a total value of $33.3tn, with millennials at the cusp of being the largest demographic of homebuyers.
But it says this group faces financial stress linked to affordability and accessibility, both of which have been exacerbated by the recent pandemic-related uncertainty.
OMERS principal and proptech specialist Michelle Killoran said, “Landed has a unique mission to help essential professionals find a path to home ownership, including through its dedicated team of agents and experts.
“We look forward to working with Jonathan Asmis and Alex Lofton, and the entire Landed team, to help the company continue to grow, while amplifying its positive impact.”
OMERS, one of Canada’s largest defined benefit pension plans, had more than CAD$109bn in net assets at the start of 2020.
OMERS Ventures currently manages CAD$2bn, and has made more than 50 investments in disruptive technology companies across North America and Europe.
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