Rex, an Austin, TX-based technology-driven residential broker, closed a $40m Series C1 funding round.
Backers included Ken Griffin, the founder and CEO of Citadel LLC, a financial securities trading firm.
The company, which has raised over $115MM to date, intends to use the funds to complete its national expansion and broaden the availability of mortgage, insurance, escrow and other services it offers.
Launched in 2015, Rex is a full-service licensed residential broker that offers an effective way to buy and sell homes using big data and AI and a 2% flat commissions.
By employing data science, machine learning and artificial intelligence, the company is able to price homes more accurately than traditional brokerages; then, target them to qualified buyers through Zillow, Google, Facebook, Trulia and more. Its licensed agents are salaried and incentivized to focus their attention on the customer experience versus commission. In addition, Rex offers escrow, titling, mortgage and insurance, all in one place.
The company is now operating in 23 cities in 17 states.
Backers in Rex also include Scott McNealy, co-founder and former CEO of Sun Microsystems, Dick Schulze, founder of Best Buy, Gordon Segal, founder of Crate and Barrel, Amit Singhal, former SVP of search at Google, Diana Nelson, chair of Carlson, Jack Greenberg, former CEO of McDonald’s, Jim Perry, co-founder of Madison Dearborn Partners, and Muneer Satter, chairman of Satter Investment Management.
FinSMEs
22/11/2019