Rex Real Estate Exchange, a Woodland Hills, Calif.-based full-service real estate agency, secured $15m in Series B funding.
– Scott McNealy, co-founder and former chief executive officer, Sun Microsystems;
– Dick Schulze, founder, Best Buy;
– Gordon Segal, founder, Crate and Barrel;
– Amit Singhal, former senior vice president of search, Google;
– Jack Greenberg, former chief executive officer, McDonalds; and
– advisory board members.
The company plans to use the financing to fund market roll-out data, accelerate platform automation, and continue nationwide expansion.
Led by Jack Ryan, co-founder and chief executive officer, Rex is a fully licensed brokerage that has created a technology platform that replaces the conventional real estate model, effectively providing a digital alternative in the sale of a home. The company charges a 2% flat fee, lowering the cost of home-selling by leveraging big data, AI, and machine learning.
The company currently serves areas of Southern California and New York.