Russians invest in digital transformation in housing market
16 Jan '20
Fort Ross Ventures, an international VC fund of Russian origin, invested in Roofstock, a California-based start-up that promotes digital transformation in the housing market, Nanonewsnet reported. The American start-up has completed its $50m series D funding round.
Roofstock is a marketplace where investors can buy and sell rented houses to get rent proceeds. The company operates in the U.S., in one of the world’s largest housing markets, which is worth trillions of dollars. Roofstock helps investors manage their real estate, and selects rentees for them.
In a comment on the deal with a yet-unspecified value, Viktor Orlovsky, a Managing Partner at Fort Ross Ventures, said that Roofstock is a leader in bringing a growing number of advanced technologies to the housing markets and “…has the capacity to disrupt the entire sector.” The VC fund bets on Roofstock’s long-term success in both the U.S. and Russian markets, Mr. Orlovsky said, and so do a number of leading American VCs that have also co-invested in the start-up.