$10 Million Funding Boost for redfin.com


redfin.com are celebrating the completion of a US$10 million round of funding led by Greylock Partners’ James Slavet and David Thacker. The US online brokerage’s group of existing investors – Madrona Venture Group, Vulcan Capital, DFJ and The Hillman Company – also contributed.

This has been a big week for redfin.com, with the addition of 9 million photos and 1.4 million recently sold properties to its database just a few days ago.

The redfin.com blog explains that Greylock has recently partnered with Reid Hoffman, CEO of professional social network LinkedIn. The post continues:

“Time and again, Greylock has invested in cult sites built with little or no marketing spending that have gone on to become household names — Facebook, Pandora, LinkedIn and, my favourite, ZipCar.

Like our other investors, Greylock has the confidence to mentor the talented up-and-comers at redfin.com into bigshots, to let redfin.com grow as big as it can rather than selling at the first opportunity, to think different and to think big. And it has high expectations, not just that we can continue to be a nice little business, but that we can become a company that doubles and doubles again.”

redfin.com says the funding will allow them “margin for error when making a few big bets”. Their plans are to add a touring, offer and escrow process to the website, and to expand to be able to serve “10,000 or 100,000 customers every month, not just 100 or 1,000”.

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