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Redfin has landed $8 million in venture capital and expanded to the San Francisco Bay Area, an important market for the Seattle online real estate upstart.
Investors in the deal include Madrona Venture Group, BEV Capital, The Hillman Co. and Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen. Redfin Chief Executive Glenn Kelman tells me in today's story that the barriers to entry are quite low in the online real estate industry, so having deep pocketed investors is important.
"We know that to win this war we are going to need all sorts of resources," said Kelman, adding that the company has revamped the Web site and added new features.
Here's more coverage from The San Jose Mercury News, which points out that the company faces challenges in getting local brokers to work with the service and that Redfin buyers are sometimes at a disadvantage in multiple offer situations.
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| Company | Amount raised |
| Week of July 14 | |
| Adapx | undisclosed |
| Light Sciences | $40 mil. |
| Week of July 7 | |
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Pacific Northwest venture capital and equity firms
Classmates (Canceled)
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· Web networking photos come back to bite defendants
· Web networking photos come back to bite defendants
· Venture capitalists still investing at steady pace
· VC investment hold steady in 2Q at $7.4 billion
· Venture capitalists still investing at steady pace
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Posted by Eric H. at 5/31/06 10:59 a.m.
Thanks for the post John. I think the article that you referenced in the Merc was well written but the statements saying that Redfin customers are at a disadvantage have not really come true in practice. Redfin tends to attract more savvy, informed customers who understand what it takes to win in a competetive offer situation. We are seeing fantastic success rates, particularly where it takes an aggressive buyer or agent to close the deal. (In fact, in the latest Redfin Direct description showing on the site, we explain that we do whatever it takes to go the extra mile. You want to send over baby pictures, we're on it!)
Eric Heller
Redfin.com