Divvy Homes Taps Blackstone’s John Lee as COO

SAN FRANCISCO, Jan. 13, 2022 /PRNewswire/ — Divvy Homes, a market chief within the proptech business, introduced right this moment a variety of new hires and promotions spurred on by vital monetary backing and market alternative. John Lee will be part of Divvy Homes as the corporate’s new chief working officer, whereas two Divvy leaders are promoted to the manager management crew and 7 vice presidents have been added to the roster.

John Lee joins Divvy following practically eight years at Blackstone the place he final served as a managing director within the non-public fairness group. Prior to Blackstone, he labored at TPG and Merrill Lynch, and earned levels from Harvard Business School and Stanford University. Lee will oversee all operational capabilities of the enterprise and supply strategic imaginative and prescient to the group. As a member of the manager management crew, Lee studies on to chief govt officer Adena Hefets.

“This is the third time that John and I’ve labored collectively, and I’m completely thrilled to have John be part of Divvy Homes as we start this new chapter. Fueled by our Series D funding and debt financing, we’re poised for accelerated development,” mentioned Adena Hefets, co-founder and CEO of Divvy Homes. “Our numerous, top-notch crew is deeply skilled and dedicated to our mission of broadening entry to homeownership. We will proceed to develop our crew all through the nation so we are able to higher serve our prospects and brokers.”

Divvy Homes additionally introduced that Lucia Franzese is promoted to chief income officer and Shirley Lin to chief product officer. Lucia Franzese joined Divvy in February 2019 with a deal with main buyer and agent acquisition. Under her management, the gross sales and advertising groups have grown the variety of properties closed by 25x and have onboarded practically 30,000 companion brokers. Franzese’s crew has grown to 75+ teammates and continues to prioritize driving income development for Divvy.

Shirley Lin joined Divvy as vice chairman, product in January 2021 to speed up its subsequent section of product growth. Since becoming a member of, she has designed and carried out proprietary capabilities in areas such as buyer underwriting, property valuation, and conversion. For instance, Lin revamped the product for Divvy’s practically 30,000 brokers and delivered a 40 % enhance in approval charges for self-employed prospects. In her new function as chief product officer, Lin will lead a gaggle of 11 throughout product and design who will deal with driving development by automation and differentiated buyer and agent experiences.

VP New Hires and Promotions since H2 2021
New senior hires and promotions throughout Marketing and Sales, Operations, Finance, and Data Science embrace:

  • Alex Kaufman – employed as Vice President, Data Science & Analytics
  • Bill Hoch – promoted to Vice President, Strategic Finance
  • Kyle Zink – employed as Vice President, Marketing & Communications
  • Molly Nelson – employed as Vice President, Sales
  • Pete Nichols – employed as Vice President, Engineering
  • Spencer Thorp – promoted to Vice President, Home Operations
  • Torie Runzel – promoted to Vice President, People

Divvy Homes’ 2021 Hiring
Led by VP of People Torie Runzel, the Divvy Homes crew has tripled to greater than 210 within the final 12 months, with greater than 1 / 4 of recent hires coming from inside referrals. With an elevated deal with range and inclusion crew constructing in 2021, Divvy Homes doubled Black and Latinx illustration from 9% to 18% and elevated feminine illustration from 35% to 42% throughout all ranges, and greater than doubled girls in tech (product, engineering, information science, and design) to 25% illustration.

Additional Hiring
Divvy Homes continues to search for further senior leaders so as to add to its crew as it searches for VPs of Corporate Development and Capital Markets. Divvy Homes can also be on the hunt for a Director of Product, Head of Talent Acquisition, and Head of Risk to proceed to guide Divvy’s development in 2022. Divvy has adopted a versatile work-from-anywhere coverage so practically all of Divvy’s positions are distant pleasant exterior of market-specific roles. To be taught extra about Divvy Homes and open positions, please go to www.divvyhomes.com.

Divvy Fueled By Financing and Market Opportunity
By unlocking market demand, Divvy has closed extra properties in 2021 than within the 4 years since its founding and doubled its market share within the final 10 months. Divvy prospects have exercised their choice to buy their properties at a charge of roughly 47% – effectively above the conversion charges of business rivals.

Divvy Homes just lately entered into new debt amenities totaling $735M. Combined with $200M raised over the summer time from the Series D, Divvy Homes is well-capitalized to pursue its mission of constructing homeownership accessible to everybody.

About Divvy Homes
Divvy Homes is on a mission to make homeownership extra accessible to American households. The program is presently out there throughout 16 main US metropolitan areas: Atlanta, GA; Cincinnati, OH; Cleveland, OH; Dallas, TX; Denver, CO; Ft Lauderdale, FL; Houston, TX; Jacksonville, FL; Memphis, TN; Minneapolis, MN; Miami, FL; Orlando, FL; Phoenix, AZ; San Antonio, TX; St. Louis, MO; and Tampa, FL.

Divvy Homes is backed by Andreessen Horowitz, Caffeinated Capital, GGV Capital, GIC, JAWS Ventures, Lennar, Moore Specialty Credit, SciFi VC, and Tiger Global Management. Divvy Homes was incubated in Max Levchin’s startup studio HVF and co-founded by Adena Hefets, Nick Clark, and Alex Klarfeld.

How it Works
Divvy Homes makes use of know-how and a human-centric method to companion with prospects at each step of the house shopping for course of, with the aim of serving to renters transition into owners. Buying a house with Divvy Homes begins with a five-minute software that leads to an authorized home-buying funds and purchasing with an actual property agent.

Once the client finds their dream residence, Divvy Homes purchases the property, whereas the renter contributes an preliminary 1-2 % of the house worth in the direction of their down cost financial savings.

Up to 25% of every subsequent month-to-month cost goes towards saving for a down cost, setting prospects as much as apply for a standard mortgage when they’re prepared. A buyer builds as much as 10 % of the house’s worth over their three-year lease, however they’ll purchase the house at any time. If a buyer adjustments their thoughts, they’ll stroll away from the house and get cashed out for his or her financial savings. Divvy Homes supplies the flexibleness of renting with the liberty and wealth-building energy of homeownership.

Kelley McCormick, Divvy Homes
[email protected]

SOURCE Divvy Homes


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