Overmoon Lands $80 Million Funding

<div><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; <a class&equals;"ww&lowbar;lnktrkr" href&equals;"https&colon;&sol;&sol;www&period;overmoon&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Overmoon<&sol;a>&comma; a vacation rental platform&comma;  announced it has raised &dollar;80 million in equity and debt funding from <a class&equals;"ww&lowbar;lnktrkr" href&equals;"https&colon;&sol;&sol;nfx&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">NFX<&sol;a>&comma; <a class&equals;"ww&lowbar;lnktrkr" href&equals;"https&colon;&sol;&sol;www&period;khoslaventures&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Khosla Ventures<&sol;a>&comma; <a class&equals;"ww&lowbar;lnktrkr" href&equals;"https&colon;&sol;&sol;cambercreek&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Camber Creek<&sol;a>&comma; <a class&equals;"ww&lowbar;lnktrkr" href&equals;"https&colon;&sol;&sol;1sharpe&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">1Sharpe<&sol;a>&comma; <a class&equals;"ww&lowbar;lnktrkr" href&equals;"http&colon;&sol;&sol;www&period;sunsarcapital&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Sunsar Capital<&sol;a>&comma; and others&period;<&sol;div>&NewLine;<div><&sol;div>&NewLine;<div>The funding includes &dollar;10 million in venture to scale its technology development&comma; &dollar;30 million in real estate equity for down payments on homes&comma; and &dollar;40 million in debt financing&period;<&sol;div>&NewLine;<div><&sol;div>&NewLine;<p>The company also partnered with <a class&equals;"ww&lowbar;lnktrkr" href&equals;"http&colon;&sol;&sol;flockhomes&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Flock&comma;<&sol;a> an Andreessen Horowitz-backed company&comma; to launch <a class&equals;"ww&lowbar;lnktrkr" href&equals;"https&colon;&sol;&sol;exchange&period;overmoon&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Overmoon Exchange<&sol;a>&comma; an innovative program designed to offer vacation home owners significant tax&comma; time&comma; and investment benefits by contributing their home into Overmoon’s 721 Fund&period;<&sol;p>&NewLine;<p>The exchange expands Overmoon’s existing business of providing reliably awesome vacation experiences that blend the best of hotels and rental homes&period;<&sol;p>&NewLine;<p>Many second home owners are fed up with the work needed to keep their properties rented out&comma; but want to keep generating income and pass something along to their heirs&period; On top of this&comma; many would like to sell but feel trapped by the significant tax consequences they’d incur by selling an appreciated property&period; This has led to a situation where vacation home owners are stuck in limbo between fully maximizing their home’s potential and selling it&period;<&sol;p>&NewLine;<p>To solve these problems&comma; Overmoon Exchange is a fintech-enabled platform powered by Flock that leverages <a class&equals;"ww&lowbar;lnktrkr" href&equals;"https&colon;&sol;&sol;www&period;govinfo&period;gov&sol;content&sol;pkg&sol;USCODE-2021-title26&sol;pdf&sol;USCODE-2021-title26-subtitleA-chap1-subchapK-partII-subpartA-sec721&period;pdf" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">IRC Section 721<&sol;a>&comma; allowing owners to exchange their homes&comma; on a pre-tax basis&comma; for shares of the Overmoon 721 Fund&period; Leveraging Flock’s software&comma; Overmoon uses its extensive experience running a tech-enabled vacation rental platform to manage and keep the properties rented out&comma; generating income for the Overmoon 721 Fund&period;<&sol;p>&NewLine;<p><strong>Potential Benefits to homeowners include&colon;<&sol;strong><&sol;p>&NewLine;<ul>&NewLine;<li>Defer the capital gains tax that comes with selling an appreciated property<&sol;li>&NewLine;<li>Shed the burdens and costs of property management and maintenance<&sol;li>&NewLine;<li>Maintain regular passive income&comma; in the form of fund distributions<&sol;li>&NewLine;<li>Enjoy the long-term appreciation of the real estate assets in the fund’s portfolio<&sol;li>&NewLine;<li>Reduce risk by exchanging the income of a single home for a fund of many homes<&sol;li>&NewLine;<&sol;ul>&NewLine;<p>&OpenCurlyDoubleQuote;After countless disappointing stays in short-term rentals&comma; we launched Overmoon to give people the convenience of a rental home with the reliability of a great hotel&comma;” explained Joe Fraiman&comma; founder and CEO of Overmoon&period; &OpenCurlyDoubleQuote;After spending years perfecting our formula&comma; we’re thrilled to expand our platform to owners looking to free themselves of the time and expense of property ownership&comma; while diversifying their investment&comma; deferring taxes&comma; and still having access to their vacation property&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;This is a unique opportunity for owners to efficiently manage their estates&comma; while maintaining passive income and real estate appreciation potential&comma;” said Pete Flint&comma; General Partner of NFX and Founder of Trulia&comma; who led the initial venture capital investment in Overmoon&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Since launching just over two years ago&comma; we’ve facilitated 721 Exchanges with hundreds of happy owners seeking the retirement solution for landlords&comma;” said Ari Rubin&comma; CEO of Flock&period; &OpenCurlyDoubleQuote;We have the utmost confidence in Overmoon to bring this unique solution to vacation rental owners around the country&period;”<&sol;p>&NewLine;