Divvy Updates with Divvy.com – Domain Name Wire
The real estate technology company beats other companies of the same name.
Proptech has had a healthy 2021, with large amounts of funding pouring into the industry. According to Crunchbase, venture-backed real estate and proptech companies have raised nearly $21 billion.
Short for real estate technology, proptech can be defined as the use of technology and software to disrupt traditional practices in real estate markets.
Home buying businesses, in particular, have flourished, thanks to consumer interest sparked by low interest rates and a desire for more space. The likes of Knock and Orchard have flourished in 2021, raising hundreds of millions of dollars between them.
Another company that has had a successful 2021 is Divvy, a real estate platform that makes it easy to buy rent-to-own homes. Divvy raised $200 million in Series D funding last year, followed by a $735 million debt round, bringing its total funding to $1.2 billion since launching in 2017.
Divvy’s war chest is primarily used to acquire homes, which are then re-rented to its clients while helping them save the money needed to become mortgage-eligible.
The service is popular. According to Bloomberg, more than 750,000 people have applied to Divvy since its launch in 2017. It also works with a network of 25,000 real estate agents in 16 US cities.
After a successful 2021, the company hopes to continue growing in 2022. It started the year well by acquiring its exact match .com domain, divvy.com.
Logmein, Inc., a remote access software company, owned divvy.com until early February. The domain was then transferred to Google’s registrar, in a move spotted by Jamie Zoch on Twitter.
Divvy.com now redirects to DivvyHomes.com. The domain is a critical upgrade for the company, valued at $2 billion last year. Funding from last year certainly helped make the upgrade possible, and there’s speculation that Divvy may be planning to go public this year via a SPAC merger, which will allow the capital-intensive Divvy to raise more funds.
We’ve already seen Hippo and Archer acquire their exact match .com domains months before going public. Could Divvy follow the same pattern?
It is however surprising that divvy.com is available for acquisition. Divvy is a popular brand name, with another Divvy, in particular, a likely candidate for the acquisition of Divvy.com.
Utah-based expense management solutions platform Divvy raised $417.5 million in funding between 2017 and 2021 when Bill.com bought it for $2.5 billion in cash and stock . This Divvy still works on GetDivvy.com.
What is perplexing is that the Divvy expense management platform and Logmein, the former owner of divvy.com, had a powerful connection that could have been used to acquire the divvy.com domain a long time ago. . Divvy’s current chief revenue officer is Logmein’s former sales and marketing director.