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HomeLight Names Sean Aggarwal to Board as It Eyes Going Public

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(Bloomberg) -- Real estate-technology company HomeLight has appointed Sean Aggarwal, the chairman of Lyft Inc. and former chief financial officer of Trulia, to its board.

“Sean understands real estate, the dynamic of the public equity markets, as well as the financial rigor required to take a company public,” HomeLight Chief Executive Officer Drew Uher said in an interview. He was introduced to Aggarwal through one of the company’s investors, Oren Zeev.

The San Francisco-based company, which provides technology used by real estate agents, buyers and sellers, is weighing options for going public, according to a person with knowledge of the matter. It was last valued at $498 million, according to PitchBook data, though a public markets debut is expected to value HomeLight at a sizable premium, the person said.

A HomeLight spokeswoman declined to comment on the company’s plans for going public and its valuation.

“This is one of the hottest sellers’ markets we’ve seen as people reassess what home means to them,” Uher said. “We’re unlocking transactions that otherwise wouldn’t occur.”

The company provides funding to buyers who haven’t yet been able to sell their current home, and to those who need the money to make a cash-only offer on a residence. Uher said annual revenue is set to triple to more than $300 million this year.

Last month, the company secured a $100 million credit facility from Credit Suisse Group AG, taking its asset-backed facilities to more than $200 million. Its investors include Citi Ventures, Google Ventures and Menlo Ventures.

“HomeLight is building the future of real estate -- and is in a perfect position to revolutionize the industry,” Aggarwal said in an emailed statement.

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