FOREM Flash – Redfin gets $10 Million in new funding
From the Redfin Corporate Blog:
Big news! Redfin just announced a $10-million round of financing led by Greylock Partners’ James Slavet and his colleague David Thacker. Redfin’s group of existing investors — Madrona Venture Group, Vulcan Capital, DFJ, The Hillman Company — also pitched in on the round.
This new round of financing brings the total investment in the Seattle-based brokerage to just north of $30 Million. Greylock joins Madrona Venture Group, Draper Fisher Jurvertson, Vulcan Capital and the Hillman Company as investors in the firm.
Some key metrics released by Redfin in their blog post:
# Revenue exceeded a $20 million yearly run-rate and Redfin generated its first profits
# Redfin shipped the highest-rated iPhone application for real estate
# Site visits increased more than 200%
# Total dollar-value of Redfin transactions since inception exceeded $2 billion
# Redfin customer satisfaction remained at 97%
This news, coupled with the announcement that Realogy is in the black for Q3 surely means that things are starting to look up in the real estate space.
Congrats to all the Redfin crew.
More at Techcrunch.
Photo by aresauburn™
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Dave Toledo | Nov 12, 2009 | Reply
How is taking ANOTHER round of financing a good thing? Seems to me it just dilutes key executives (founders) ownership which can’t be good can it?
Gainesville Real Estate | Nov 16, 2009 | Reply
Probably using the money to expand into other markets. People in FL have been waiting awhile for something like Redfin.