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Redfin, the Real Estate Company, raises $14.8 Million from Globespan Capital Partners
November 1st, 2011 1 comment
Redfin Corporation, the Seattle, WA – based technology-powered real estate brokerage, has recently announced the end of a new round of funding which has brought the company the amount of $14.8 million. This funding round has been led by Globespan Capital Partners, along with the previous investors, including Madrona Venture Group, Vulcan Capital, Draper Fisher Jurvetson and Greylock Partners. Redfin has previously raised up to $31 million, so this new funding round leads them to a total amount of external capital of almost $46 million.
Venky Ganesan, the Globespan’s Managing Director, stated the following: “Globespan invested in Redfin for one big reason: service. We had used the site extensively, and talked to customers, so we knew that this was one of the few companies that could deliver consistently higher-quality service than any of its competitors. The more we learned about Redfin’s single-minded service focus, the more we became convinced that Redfin was building the foundation to lead a market that generates $40 – $60 billion in brokerage fees every year.”
Redfin is a company of local real estate agents and software engineers who work together in order to develop better strategies to use in the processes of purchasing or of selling houses. The company intends to use the money raised in this new round of funding in order to expand towards other cities. They will also invest in research and development. It seems that Redfin has had a good financial year, despite the fact that the real estate market has not yet completely recovered and continues to be faced with a smaller demand. But, since its launch, in 2006, Redfin has represented clients in the processes of selling or of buying of more than $6 billion in homes, allowing customers to save more than $85 million in commissions, which leads to an average per transaction of more than $7.000.
Market surveys point out to the fact that 97% of the company’s clients would recommend their Redfin agent to a friend. Moreover, according to Hitwise, the company’s site is on the first position of the top of fastest-growing brokerage websites in the US.
Glenn Kelman, the Redfin’s CEO, stated the following: “In Globespan, Redfin has found the perfect partner: an investor committed to customer service as well as technology, who understands from its partners’ Zipcar experience how to grow neighborhood by neighbourhood. Not many venture investors appreciate the different ways in which online and retail businesses grow, and even fewer think about the long-term competitive advantage you can create when the two work together.”
As a result of this new round of funding, Venky Ganesan, the Managing Director at Globespan, is going to join Redfin’s board of directors. Before this investment, Globespan has founded Trigo, a product-information company which has been sold to IBM, and he has worked as a consultant at McKinsey, in Los Angeles and Johannesburg, South Africa. In this funding round, Redfin has been represented by Alan Smith, from Fenwick & West.
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