More money for online real estate: Redfin raises another $10 million
Real estate site Redfin announced today that it has raised $10 million more in a fourth round of funding.
The round was led by Greylock Partners, meaning that the firm (which just raised a new fund) is the latest high-profile venture capital firm to enter the online real estate market. Real estate search engine Zillow‘s venture backers including Benchmark Capital, while Sequoia Capital invested in Trulia. Unlike those companies, Redfin describes itself as an “online real estate broker” — you search for homes on the site, but then Redfin tries to connect you with its own agents, and it makes money from real estate deals, not ads.
In the last year, the Seattle company says site visits increased by more than 200 percent, and that it made more than $20 million in revenue, so it is profitable. Redfin has now raised $30.8 million. Existing investors Madrona Venture Group, Draper Fisher Jurvetson, Vulcan Capital and The Hillman Company also participated in the round.
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About the Author, Anthony Ha
Anthony is a senior editor at VentureBeat, as well as its reporter on media, advertising, and social networks. Before joining the site in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. (All story pitches should also be sent to tips@venturebeat.com) You can also follow Anthony on Twitter.
