Foundation: The buyer experience platform for new homes

Homebuilding: A huge industry that’s still offline

Homebuilding — building and selling new-construction homes — is a massive business. In the U.S., the Top 300 builders alone sell ~$250 billion worth of homes each year.

Not only is homebuilding a meaningful part of the U.S. economy, but it’s also a big part of U.S. culture (at least once you get out of Silicon Valley and NYC). In most American cities, most homeowners have either considered buying a new construction home, have already bought one, or know someone who works in or around the new construction industry.

The U.S. is also significantly underbuilt from a housing perspective — estimates suggest that we’re anywhere from 2M-6M homes short of the inventory needed to house American families. To bridge this gap, it’s going to be the big “production” builders who do much of the heavy lifting.

The opportunity: bring a massive industry online

Despite how central homebuilding is to the U.S. economy & culture, large parts of the industry run almost entirely offline. After working closely with homebuilder partners for years at Opendoor, Foundation’s founding team realized how big of an opportunity this is.

A simple question we ask: “Why do you have an app for tracking your pizza delivery, but not one for the biggest purchase of your life?” With the launch of Foundation’s buyer experience platform, this finally changes.

By bringing the home purchase and ownership experience online, Foundation’s buyer experience platform helps homebuilders sell more homes, at higher margins, to happier buyers.

Our first customers go live in Q1 2024, and the early response we’ve gotten — everyone from leading national builders who sell tens of thousands of homes a year, to forward-thinking, fast-growing regional and local builders — shows the tide is finally turning.