Los Angeles-based Oro raised $3 million to help companies provide homeownership and housing benefits to employees. Venture firm Slauson & Co. led the round, with participation from insurance giant Northwestern Mutual’s venture fund and community development financial institution Bronze Valley.
Oro’s platform offers one-on-one housing support to employees, reports rent payments to credit bureaus to help build credit scores, provides homebuyer education classes, and connects employees to down-payment assistance programs. “We believe housing is the next frontier in employee benefits,” said Slauson & Co.’s Austin Clement.
Benefits gap
US-based companies have expanded benefits packages in recent years to include healthcare, fertility treatments and student loans. Housing support has lagged, even as housing represents the largest monthly expense for most workers.
“Most companies have a gap in their benefits package, and it’s as big as a house,” said Oro’s George Fatheree.
The company helps employers develop housing support programs for down payments, closing costs and interest rate buy-downs. In a pilot, Oro helped eight employees become first-time homeowners. It supports more than 1,200 employees.
