Redfin, a Seattle, WA-based technology-powered real estate brokerage, received a $50m mezzanine investment.
The round was led by Tiger Global Management LLC and by portfolios managed by T. Rowe Price Associates, with participation from Austin Ligon, co-founder and former CEO of CarMax and Redfin board director, as well as existing investors Greylock Partners, Globespan Capital Partners, DFJ Venture Capital, Vulcan Capital and The Hillman Company.
The company, which had previously raised $45.7m in venture capital, intends to use these funds for new technology to improve the home buying and selling processes for customers.
Led by CEO Glenn Kelman, Redfin is a real estate broker that represents people buying and selling homes.
It features map-based real estate search, and has built technology to make every step of buying or selling a home better, via tour-scheduling, an online deal room, and a targeted digital campaign for each listing.
Redfin’s agents earn a bonus based not on the sale, but on the customer’s satisfaction with the sale.
The company currently serves 22 U.S. markets and has closed more than $13 billion in home sales.
27/10/2011: Redfin Raises $14.8M in Funding