$IPOB Launches as World Discovers Discount Real Estate Momo Gem
IPOB is about Chamath Palihapitiya's Social Capital in the low-cost real estate space. Strong management team with backgrounds at Trulia, TPG, Amazon, AirBnB, Square and Netflix. Revenue growth has been stellar as it went from $700 mln in 2017 to $1.8 bln in 2018 and $4.7 bln in 2019. It sold 18,799 homes in 2019, 4.4x above its largest competitor. TAM naturally is extremely large with 68% of American homeowners, 5 mln homes sold annually for a TAM of $1.6 trl a year.
Millennials are increasingly a bigger piece of the pie and will be comfortable with this online process.
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