Google Capital is getting into real estate.
While it doesn’t typically get as much hype as competitors Trulia and Zillow, Auction.com says it has established the largest online real estate market, with more than $26 billion worth of property sold through the site since it launched in 2008. This latest investment now values Auction.com at $1.2 billion.
Most likely, Google wanted to get a stake in Auction.com before it goes public. The company brought on a CFO last year, and it’s rumored to be planning for an IPO soon. Both Trulia and Zillow have gone public successfully, but Auction.com’s size and auction platform may make it even more desirable for investors.
After debuting last month with a $300 million fund, Google Capital hasn’t wasted time announcing its investments. The firm poured $40 million into online education site Renaissance Learning, participated in an $800 million debt and venture round for Survey Monkey, and also invested in loan offering site Lending Club.
Prior to this investment, Auction.com raised more than $91 million from investors, including Stone Point Capital, Starwood Capital Group, and others.