🔵Some shareholders of a16z-backed Divvy Homes may not see a dime from $1B sale
Divvy Homes, a rent-to-own startup backed by a16z, is set to be acquired by Brookfield Properties for $1 billion. However, some shareholders may not receive any payouts from the sale. Divvy has raised over $700 million from investors but is selling at half its peak valuation of $2.3 billion. Following the sale, the company plans to repay debts and preferred shareholders, potentially leaving common shareholders with nothing.
Divvy's CEO, Adena Hefets, indicated that the decision to sell was difficult and came after extensive reviews of the company's options amid challenging market conditions, including rising mortgage rates. Despite this disappointing financial outcome for some, Hefets expressed pride in the impact the company had on its customers.
🔵Some shareholders of a16z-backed Divvy Homes may not see a dime from $1B sale
Divvy Homes, a rent-to-own startup backed by a16z, is set to be acquired by Brookfield Properties for $1 billion. However, some shareholders may not receive any payouts from the sale. Divvy has raised over $700 million from investors but is selling at half its peak valuation of $2.3 billion. Following the sale, the company plans to repay debts and preferred shareholders, potentially leaving common shareholders with nothing.
Divvy's CEO, Adena Hefets, indicated that the decision to sell was difficult and came after extensive reviews of the company's options amid challenging market conditions, including rising mortgage rates. Despite this disappointing financial outcome for some, Hefets expressed pride in the impact the company had on its customers.
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