Finance chief will help prepare the company to go public
New York-based proptech company Orchard has named a new chief financial officer, just as the start-up looks towards a potential initial public offering.
Patrick McClymont, the former CFO of movie-theater chain IMAX and auction house Sotheby’s, came to Orchard in May, the Wall Street Journal reported. McClymont succeeds Sean Roberts, who took on the role of chief operating officer after serving as chief financial officer for nearly three years.
Orchard executives told WSJ that McClymont will primarily focus on laying the groundwork for the anticipated IPO next year. So far, the digital homebuying marketplace has secured around $148 million in equity from previous funding rounds, which were backed by venture firms including FirstMark Capital and Revolution Growth.
The company’s platform allows customers to buy their next home and move in before they sell their current one, funding them with up to 90% of their home equity so they can make a cash offer on a new house. Orchard earns money by taking a transaction fee after the sale.
Orchard CEO Court Cunningham said that the company, which is in the early stages of its IPO, plans to raise additional funds from investors before going public.
