Redfin Raises $70.9M to Accelerate National Expansion
Seattle-based online real estate broker Redfin has raised $70.9 million in one of the Northwest’s largest funding rounds this year.
The investment was led by Wellington Management, at the head of a lengthy list of institutional investors.
Additional investors in the round—which follows a $50 million funding in November 2013 and brings total capital raised by the company to $166.6 million—include Glynn Capital Management, Brothers Brook, Annox Capital Management, T. Rowe Price Associates funds, and Tiger Global Management.
Redfin is plowing all this cash into market expansion and technology development. The company says it has doubled its footprint in the last year and now operates in 48 U.S. markets.
A Redfin representative sought to put the latest funding in context of several other large investments in companies focused on “reinventing the experience of the real estate transaction itself, not just the search.” These include the likes of Auction.com, which raised $50 million from Google in March; Urban Compass, which raised $40 million in July; and OpenDoor, which raised $10 million in July.
In other Seattle online real estate news, Zillow’s proposed acquisition of Trulia was approved by Zillow shareholders. More steps remain for that $3.5 billion deal to be finalized.