Online real estate broker Redfin Corporation announced a $12 million series C financing led by Draper Fisher Jurvetson. Madrona Venture Group, Vulcan Capital, BEV Capital and The Hillman Company, investors in previous financings, also participated in this round. Redfin has raised $20.8 million to date. In conjunction with the funding, Redfin launched its online real estate service in the Washington, D.C. and Baltimore areas.
Redfin will use the proceeds to continue national expansion, with plans to open in Chicago this year, and to further the company’s investment in its market-leading website for buying and selling homes.
Since Redfin’s last round of financing in May 2006, the company has completed more than $350 million in real estate transactions, saved its home-buying customers nearly $6 million in commissions, increased revenues by more than 2,000 percent, expanded into four new markets, and been featured on “60 Minutes.” As part of the funding, DFJ partner Emily Melton will join Redfin’s board as a director.
Originally posted on July 18, 2007 @ 11:40 am