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November 14, 2013 08:20 am GMT
As the real estate market regains some life after an extended dip, people are beginning to get comfortable with the idea of selling their home again and, in turn, getting comfortable with looking around for that special place. To help in an increasingly fast-paced market, technology-powered real estate brokerage, Redfin, has been on a mission to help people not only find the right house, but to help potential sellers get feedback on the price of their home from hundreds of potential buyers. On the heels of launching a series of these “Price Whisperer”-like tools that aim to reduce the costs of the real estate search process for both homebuyers and sellers, Redfin is doing a little price whispering of its own. The company today announced that it has raised $50 million in late-stage growth capital from a handful of investors, beginning with Tiger Global and T. Rowe Price Associates. The new round, which also includes contributions from the company’s existing investors, like Greylock Partners, Draper Fisher Jurvetson, Vulcan Capital, Globespan Capital Partners and The Hillman Company, brings the company’s total funding to just under $100 million. In addition, from what we’ve been hearing from sources, the round values its online brokerage and search business in the ballpark of $500 million. With the new injection of capital, Redfin becomes yet another addition to the list of companies pursuing growth capital from backers outside the usual confines of the venture capital world. The investment is the second of its kind that T. Rowe Price, in particular has made in recent months, following its investment in MongoDB last month, for example. The new capital will also likely help the Seattle-based company gear up for IPO, although that may not happen in the near future, according to the company. Having the help of late-stage firms like Tiger Global may allow the company to extend its runway as a private company and avoid going the route of an IPO. Regardless, the new capital will allow Redfin to continue expanding its current marketshare, and go deeper, which according to the latest data, sits at around 3 and 4 percent in the company’s hometown of Seattle. Redfin currently operates in 22 markets and will use its growth capital not only to expand its marketshare within these cities, but broaden its scope within the U.S. While it nominally competes with the likes of Trulia and Zillow, the company
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/IQEdyqJGVCI/
Online Real Estate Veteran Redfin Lands $50M From Tiger Global, Investment Giant T. Rowe Price As It Looks To Gain Market Share In The U.S.
As the real estate market regains some life after an extended dip, people are beginning to get comfortable with the idea of selling their home again and, in turn, getting comfortable with looking around for that special place. To help in an increasingly fast-paced market, technology-powered real estate brokerage, Redfin, has been on a mission to help people not only find the right house, but to help potential sellers get feedback on the price of their home from hundreds of potential buyers. On the heels of launching a series of these “Price Whisperer”-like tools that aim to reduce the costs of the real estate search process for both homebuyers and sellers, Redfin is doing a little price whispering of its own. The company today announced that it has raised $50 million in late-stage growth capital from a handful of investors, beginning with Tiger Global and T. Rowe Price Associates. The new round, which also includes contributions from the company’s existing investors, like Greylock Partners, Draper Fisher Jurvetson, Vulcan Capital, Globespan Capital Partners and The Hillman Company, brings the company’s total funding to just under $100 million. In addition, from what we’ve been hearing from sources, the round values its online brokerage and search business in the ballpark of $500 million. With the new injection of capital, Redfin becomes yet another addition to the list of companies pursuing growth capital from backers outside the usual confines of the venture capital world. The investment is the second of its kind that T. Rowe Price, in particular has made in recent months, following its investment in MongoDB last month, for example. The new capital will also likely help the Seattle-based company gear up for IPO, although that may not happen in the near future, according to the company. Having the help of late-stage firms like Tiger Global may allow the company to extend its runway as a private company and avoid going the route of an IPO. Regardless, the new capital will allow Redfin to continue expanding its current marketshare, and go deeper, which according to the latest data, sits at around 3 and 4 percent in the company’s hometown of Seattle. Redfin currently operates in 22 markets and will use its growth capital not only to expand its marketshare within these cities, but broaden its scope within the U.S. While it nominally competes with the likes of Trulia and Zillow, the companyOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/IQEdyqJGVCI/
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