Rivonia Road Capital, a global alternative asset manager focused on credit for high growth companies, announced today that it has provided $78 million in debt financing and participated in a $12 million equity raise for Accept.inc, a technology-enabled lender that empowers home buyers to submit all-cash offers on home purchases at no additional cost to the buyer, seller or agent. The Denver-based mortgage company has seen exponential growth in the past year since partnering with Rivonia Road and more than doubled its team in Q1 of 2021 alone, with plans to enter new markets later this year.
“Rivonia Road is proud to provide Accept.inc with non-dilutive capital for scaling its business and to participate in the recent equity raise,” said Rivonia Road Capital’s Co-founder and Managing Partner, Brad Smiedt. “In Accept.inc, we have found a partner who aligns with our belief that every American should have equal access to financial services. Accept.inc’s cash offer platform has seen skyrocketing growth since its 2019 launch in the Denver market. When combined with Accept.inc’s robust and scalable technology infrastructure, Rivonia Road’s capital will enable the company to meet the velocity and demand of today’s hyper-competitive housing market.”
Founded in 2016 by three entrepreneurs, the startup launched in the Denver market in 2019 after being accepted into the prestigious Y Combinator startup accelerator program and has experienced a meteoric rise since then, boosting revenues by 14x in the last year alone. The company has developed a revolutionary technology-enabled platform and transaction engine that allows any mortgage-qualifying buyer to shop and transact for a home as an all-cash buyer, aiding its mission to increase access to homeownership broadly and bring a cash offer to every home in America.
“Accept.inc is excited to partner with Rivonia Road. As former operators, the Rivonia team understands the unique requirements of a high-growth company,” said Adam Pollack, Accept.inc’s Co-founder and CEO. “When we started this venture in 2019, we had no idea how much the pandemic would influence today’s demand for housing and if it weren’t for Rivonia, we would not be equipped to meet that velocity, while remaining ahead of the curve. Accept.inc’s cash offer model brings speed and certainty to transacting that the market is thirsting for at this time. We are thrilled that Rivonia believed in our vision for creating the model to democratize all-cash offers. Rivonia’s support could not have come at a better time in our startup journey.”
About Rivonia Road Capital: Rivonia Road Capital is a global alternative asset manager that offers a unique combination of deep institutional investment experience with significant operating expertise in the alternative financing market to provide bespoke capital solutions to growing financial technology companies. Founded in 2017 and headquartered in Los Angeles, the firm has an active portfolio of debt and equity investments in the consumer, commercial and real estate lending markets. For more information go to www.rivoniaroad.com.
About Accept.inc: Accept.inc is the first iLender: a technology-enabled lender that empowers buyers who qualify for a mortgage to submit all-cash offers on homes. Accept.inc’s mission is to enable buyers to make a cash offer on any home, leveling the playing field for all. Accept.inc sets itself apart with a frictionless customer experience and an innovative platform available to any agent and mortgage-qualifying buyer, with zero added costs or fees. The company ensures that agents, buyers, and sellers all benefit in the transaction, in the service of accelerating access to homeownership. Founded in 2016 by Y Combinator alumni Adam Pollack, Nick Friedman, and Ian Perrex, Accept.inc is headquartered in Denver, CO. For more information go to www.accept.inc.