档案库 · 金融科技 · 战略决策 · 2016–2025
Divvy Homes的租购模式以10亿美元出售收场，创始人和风投一无所获
租购初创公司Divvy为租户购房，租户通过租金攒首付；2022年加息打破该模式，Brookfield以10亿美元收购其资产。
Divvy Homes
做的是什么生意
A rent-to-own platform that bought the house a renter chose, rented it back, and banked part of each payment toward a future down payment.
启动资金：$30M Series A led by a16z in 2018
起因
Founded in San Francisco in 2016 by Adena Hefets and co-founders, Divvy bought homes for renters and gave them three years to build a down payment through rent. a16z led a $30M Series A in 2018, and the pitch — an alternate path to homeownership — attracted HousingWire and Forbes recognition.
经过
The boom peaked in 2021: a $110M Series C led by Tiger Global, then a $200M Series D at a $2B valuation, with total funding over $700M including a $735M debt facility in October 2021. PitchBook valued it at $2.3B. When the Fed raised rates from 2022, buying homes on debt stopped working; Divvy cut staff three times in a year. A Fast Company investigation in October 2022 reported above-market rents, unaddressed repairs and frequent evictions, and the company still launched a readiness program in March 2024.
结果
In January 2025, Divvy agreed to sell substantially all of its assets — the home portfolio and brand — to Brookfield Properties' Maymont Homes for about $1B. After repaying debt, transaction costs and preferred liquidation preferences, common shareholders and founders' preferred holders were expected to receive nothing, and Divvy ceased to exist as an independent company.
背景
Divvy Homes于2016年在旧金山成立，运营租购模式：它购买租户选中的房屋，租回给租户，并将每笔租金的一部分计入未来的首付，给租户三年时间购买。其目标是无法获得抵押贷款的人群，由a16z和Tiger Global领衔的风险投资家投入了超过7亿美元的债务和股权，2021年峰值估值为23亿美元。
该模式依赖廉价融资：Divvy自己持有房屋，其2021年10月的7.35亿美元债务融资将整个业务定价于低利率。当美联储在2022年开始加息时，通过债务购房不再盈利，租户获得抵押贷款的道路也变窄了。Divvy在一年内进行了三轮裁员，并面临公开投诉——Fast Company报道——租金高于市场价、维护不善和驱逐频繁。
2025年1月，Divvy将几乎所有资产以约10亿美元出售给Brookfield Properties的Maymont Homes，约为其峰值估值的一半。根据CEO兼联合创始人Adena Hefets的信，在偿还债务、交易成本和优先清算优先权后，普通股东和创始人优先股持有人预计不会获得任何对价。Hefets表示她“对财务结果并不自豪”。
这件事要成立，得有什么
- 核心赌注假设廉价债务将持续为多年后才产生回报的房屋库存提供资金；加息打破了这一假设。
- Divvy自己购买房屋，所以加息同时打击了其资本成本和客户获得抵押贷款的能力。
- 2021年的估值飙升，包括在美联储转向数月前进行的7.35亿美元债务融资，当周期逆转时没有留下缓冲。
- 资产重模式还累积了运营风险——维护和驱逐投诉——这些风险加剧了出售的压力。
可借鉴之处
依赖廉价借贷购买库存的商业模式，本质上是利率赌注；当利率上升时，资产和融资计算同时转为负面。
后续进展
截至2025年1月下旬，Brookfield的Maymont Homes正在吸收Divvy约7,000套房屋的投资组合及其品牌，而普通股东和创始人优先股持有人预计在偿还债务和优先权后一无所获。CEO Adena Hefets称这次出售“不是我曾希望的结果”，但为使命辩护，公司的软件和房屋已转给新所有者。
资料来源
- Once high-flying proptech startups Divvy Homes and EasyKnock are the latest to struggle
- Some shareholders of rent-to-own startup Divvy Homes may not see a dime from $1B sale
- Brookfield Properties' rental division to acquire Divvy Homes in 'fire sale'
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