The $165 million raise for New York-based Landis Inc. was led by Menlo Park-based Sequoia Capital with participation from Jay-Z.
This latest funding brings Landis’ total debt and equity raised to $182 million since the company’s launch in 2018.
Landis said participants in the Series A funding round include Jay-Z’s New York-based Arrive, the venture investment arm of entertainment company Roc Nation. It also included actor Will Smith through his Calabasas-based Dreamers VC.
Landis’ typical client is a renter or other prospective homeowner who is unable to get a mortgage due to spotty credit, not enough money for a down payment or too much debt. Landis’ underwriting technology can determine whether the client might qualify for a mortgage within the next two years.
The company is active throughout the South, but Landis co-founder Tom Petit said it has big plans to enter the L.A. market “in the future.”
“Millions of Californians are currently unable to secure a mortgage, and it is our mission to give everyone the tools and the confidence to achieve their homeownership goals and make an impact,” Petit said in a statement.
Jay-Z has made a flurry of investments in recent years. In October, it was announced he would develop a line of cannabis products in collaboration with San Jose-based Caliva. He also has ties to Long Beach-based Glass House Group, the state’s largest cannabis producer.
In addition to Roc Nation, he also owns Armand de Brignac Champagne, often referred to as “Ace of Spades Champagne.” Earlier this year fashion giant LVMH Moet Hennessy Louis Vuitton Inc. acquired 50% of the company for an undisclosed sum.
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