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§ Private Profile · 1300 E 9th St STE 800, Cleveland, OH 44114, USA
Fintech marketplace platform originating short-term loans for real estate investors who buy, renovate, and flip residential properties.
Founded in 2014 by Matt Rodak, Stephan Leccese, and Dan Morena, Fund That Flip is a New York City-based fintech marketplace lending platform that recently rebranded as Upright. The enterprise provides short-term financing to experienced residential real estate investors for property rehabilitation and flipping by originating these specialized loans. To fund these daily operations, the platform sells fractional loan shares to accredited and institutional investors, offering them annualized yields between eight and nine percent. Operating with 213 employees, the company generated $6,400,000 in revenue during 2024 and has facilitated over $1 billion in real estate investments while maintaining a 99.1 percent principal return rate. To support its continued expansion and growth, the firm has secured $37,800,000 in total funding from prominent institutional backers including Edison Partners, GPO Fund, MassMutual Ventures, and Tribeca Early Stage Partners.
Fund That Flip has raised $53.0M across 4 funding rounds.
Fund That Flip has raised $53.0M in total across 4 funding rounds.
Fund That Flip has raised $53.0M across 4 funding rounds. Most recently, it raised $20.0M Series B in November 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 16, 2021 | $20M Series B | Jeff Stewart | Edison Partners, MassMutual Ventures, Soundboard Angel Fund, Tribeca Early Stage Partners, TJ Nahigian, GPO Fund, Gradient Ventures, Harlem Capital, KEY Compton | Announced |
| Aug 1, 2021 | $20M Series B | — | — | Announced |
| Aug 21, 2019 | $11M Venture Round | Jennifer LEE | — | Announced |
| May 20, 2016 | $2M Venture Round | Fintech Ventures Fund | ERA, Soundboard Angel Fund | Announced |
Fund That Flip (now operating as Upright) is a fintech company providing a technology-enabled lending platform for residential real estate developers, particularly those flipping 1-4 family homes. It offers fast, affordable short-term loans (typically 6-12 months) to experienced investors for purchasing, renovating, and reselling properties, while enabling accredited individual and institutional investors to fund these loans for high-yield returns (8%+ annualized with monthly interest-only payments).[1][2][3][4] The platform serves real estate entrepreneurs across the U.S., solving the problem of slow, expensive traditional financing by using tech for efficient underwriting, origination, and servicing, which lowers costs and speeds funding to as little as seven days.[1][2][5] With over $1 billion in investments facilitated, 99.1% principal return to investors, and profitability since 2019, the company has shown strong growth, including 300% year-over-year revenue increases as of 2021 and national expansion from its New York City and Cleveland offices.[3][4][6]
Founded in 2014 in New York City by CEO Matt Rodak (CPCU) and Dan Morena, Fund That Flip emerged from Rodak's experience spotting a gap in real estate finance: flippers needed quick, transparent capital to avoid losing deals to slow bank approvals.[1][4][5] Rodak, an early JOBS Act adopter, assembled a team of industry experts, bootstrapped the product, and generated early revenue by disrupting inefficient RE lending with technology.[1] Pivotal moments include rapid growth—doubling revenue, loan volume, and customers annually pre-2019—fueled by funding rounds like an $11M growth round led by Edison Partners in 2019 and a $20M Series B in 2021 from GPO Fund, with participation from over 50 clients via AngelList.[3][5] Investors have included Sprint VC, Sand Hill Angels, SoundBoard Venture Fund, and Tribeca Early Stage Partners, supporting its evolution into an end-to-end platform.[1][3]
Fund That Flip rides the proptech and fintech wave disrupting analog real estate finance, capitalizing on an aging U.S. housing stock and 72 million millennials demanding single-family homes amid a fix-and-flip boom.[3][4] Timing aligns with post-JOBS Act crowdfunding enabling peer-to-peer lending, while market forces like high investor demand for yield in short-term residential debt (low-risk, high-return alternative to stocks) favor its model.[1][2][5] It influences the ecosystem by empowering local entrepreneurs to scale, restore communities, and access global opportunities, while providing institutions scalable RE exposure—positioning it as an early mover in tech-enabled rehab loans with over $1B deployed.[3][6][7]
Fund That Flip (Upright) is poised for further dominance in residential real estate debt, expanding its platform with data-driven innovations, new loan products, and international reach. Trends like AI underwriting, multifamily/commercial debt growth, and persistent housing shortages will shape its path, potentially pushing investments past $2B+ amid rising flip demand.[3][4][6] Its influence may evolve into a comprehensive RE tech stack, optimizing ecosystems for entrepreneurs and investors—building on its profitability and track record to transform undervalued neighborhoods into thriving communities, just as its origins envisioned.[4][8]
Fund That Flip has raised $53.0M in total across 4 funding rounds.
Fund That Flip's investors include Jeff Stewart, Edison Partners, MassMutual Ventures, SoundBoard Angel Fund, Tribeca Early Stage Partners, TJ Nahigian, GPO Fund, Gradient Ventures, Harlem Capital, Key Compton, Jennifer Lee, Fintech Ventures Fund.