RenoFi, the AI-powered renovation financing platform, has closed a $22 million Series B funding round, bringing its total capital raised to $65 million. The round was led by Fifth Wall, the largest asset manager focused on real estate technology, with meaningful participation from Progressive Insurance, HighSage Ventures, Alumni Ventures, Flintlock Capital, and Gaingels.
Existing investors Canaan, First Round Capital, Curql, and TruStage Ventures also returned for this round, alongside a growing network of credit union partners including Ardent Credit Union, Chartway Credit Union, First Community Credit Union, and USALLIANCE Financial. The breadth of this investor group, spanning venture capital, corporate strategics, and credit unions, reflects wide confidence in RenoFi's model and the market it is addressing.
The home renovation financing market sits at roughly $500 billion in annual activity, yet the options available to most homeowners remain outdated and poorly suited to their actual needs. Rising interest rates over the past several years have created an unusual dynamic: millions of homeowners are locked into low-rate mortgages they are reluctant to give up, which means cash-out refinancing is off the table. That has pushed demand toward home equity products like HELOCs and home equity loans.
The problem is that most of these products only work well for homeowners who have already built up substantial equity. Recent buyers, who often have the most pressing renovation needs and the least built-up equity, are largely left out. RenoFi was built specifically to serve this underserved segment.
"Millions of homeowners want to renovate, but many lack the equity to borrow what they need," said Justin Goldman, Co-Founder and CEO of RenoFi. "Robert, Lee and I built RenoFi to fix that. By creating the world's first Renovation HELOC, building technology for the incredibly manual mortgage process, and partnering with a network of trusted credit unions, we've made it possible for homeowners to fund their dream projects without draining savings, racking up high interest rate debt or giving up their low-rate mortgage. This new capital will allow us to meaningfully scale our team, grow embedded financing partnerships, and help millions of more families to turn renovation plans into reality."
The Series B proceeds will fund two parallel priorities. On the commercial side, RenoFi plans to more than triple its distributed retail team of renovation financing specialists over the next year. The company is also expanding its partnerships with credit unions and embedded financing platforms, which serve as key distribution channels for its loan products.
On the product side, RenoFi is accelerating development of its platform as an orchestration layer for mortgage lending. At the core is a proprietary AI-powered renovation underwriting engine that combines modern credit assessment with After Renovation Value analysis. The goal is near-real-time loan approvals, replacing what has historically been a slow, document-heavy process with a faster, more modern borrower experience.
Founded in 2018 by Justin Goldman, Robert Shedd, and Lee Miller, RenoFi introduced the first home equity line of credit in the United States built around a property's After-Renovation Value rather than its current market value. This distinction matters. Traditional home equity products cap borrowing power based on what a home is worth today. RenoFi's model values the home as it will look after the renovation is complete, which on average gives eligible homeowners access to 11 times more borrowing power without requiring them to refinance their existing mortgage.
The company operates as a vertical specialist rather than a generalist lender. While most traditional lenders offer a broad mix of products across different use cases, RenoFi focuses exclusively on renovation financing across the entire lending stack. Its product suite covers home equity loans, purchase loans, cash-out refinance loans, construction, land lot, and renovation loans, personal loans, home equity investments, and investment property financing.
RenoFi is licensed in 48 states as a mortgage originator and currently attracts more than 10,000 new homeowners to its platform each month. Since launching, the company has facilitated over 8,000 renovation loans, representing more than $1.5 billion in funded loans and $2 billion in renovation project value processed through its underwriting platform. RenoFi is headquartered in Philadelphia.
Fifth Wall led this round. Founded in 2016 and headquartered across New York City and Los Angeles, Fifth Wall manages one of the largest networks of real estate technology investors, with more than 110 strategic limited partners from over 20 countries. Its LP base includes major names across real estate, hospitality, and asset management.
"RenoFi is transforming how homeowners finance and ultimately plan renovations," said Dan Wenhold, Partner at Fifth Wall. "By enabling unmatched access to capital, particularly for the underserved segment of equity-light homeowners, RenoFi is making more renovations possible and unlocking growth across the $500B home improvement market. We are excited to partner with RenoFi to help them accelerate this momentum."
Progressive Insurance joined as a new strategic backer, alongside HighSage Ventures, Alumni Ventures, Flintlock Capital, and Gaingels. Returning investors include Canaan, First Round Capital, Curql, and TruStage Ventures, as well as credit union partners Ardent Credit Union, Chartway Credit Union, First Community Credit Union, and USALLIANCE Financial.
