Online brokerage Redfin raises $50M in venture capital
Online real estate brokerage Redfin has reeled in $50 million in funds from venture capital investors. Midtown East-based hedge fund Tiger Global Management and portfolios handled by Baltimore-based T. Rowe Price Associates contributed to the round of funding. Past investors include Greylock Partners, Vulcan Capital and Globespan Capital Partners, all of which helped contribute to the $46.7 million raised before this round.
The Seattle-based firm, founded in 2002, recently raised the specter of an initial public offering for next year, following related efforts from Realogy Holdings (the parent company of NRT, which owns several New York City brokerages) and Re/Max Holdings.
Glenn Kelman, Redfin’s chief executive, told the Wall Street Journal the proceeds will go toward “changing how the service is actually delivered.” [WSJ] — Mark Maurer