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Brier Dudley's blog

Brier Dudley offers a critical look at technology and business issues affecting the Northwest.

December 18, 2014 at 10:23 AM

Redfin closes $71 million deal

Redfin must finally be getting close to an exit.

The Seattle online real-estate venture today announced that it raised $70.9 million from a group of institutional investors, bringing its funding to $166.6 million.

The 12-year-old company will use the money to expand its real-estate services and develop new technology. It’s not saying how many employees it has or what sort of growth will be seen at its Seattle headquarters.

“Redfin will put this capital to good use,” Chief Executive Glenn Kelman said in a release. “As our business grows, our agents can be more local and our ability to get people into homes quickly increases.”

A spokeswoman declined to provide revenue or profit information but said the company “ran at about break-even in 2013” and now has annual sales of more than $100 million.

Traditionally $100 million in sales has been the threshold for companies preparing for an IPO. Redfin’s early venture investors are no doubt anxious for some kind of exit to happen soon. Today’s round is Redfin’s eighth infusion of cash from investors since 2005, according to a tally on Crunchbase.

“We’re focused on continuing to build a business for the ages that’s transforming how people buy and sell homes,” spokeswoman Kafia Hosh said via email. “While we’re not discussing future plans, we believe that we are building a business that is well suited to being an independent, publicly traded company.”

The $70.9 million funding announced today was provided by institutional investors including Wellington Management Company, Glynn Capital Management, Brothers Brook and Annox Capital Management. Previous Redfin investors T. Rowe Price Associates and Tiger Global Management also participated.

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