- Leading real estate technology platform MoxiWorks announced that it received a meaningful growth equity investment from Vector Capital
MoxiWorks — a leading real estate technology platform — announced that private equity firm Vector Capital has made a meaningful growth equity investment in the company. And Vector Capital, along with existing shareholder-customers Windermere Real Estate, Howard Hanna Real Estate Services, and Long & Foster Real Estate are planning to leverage the MoxiWorks platform to accelerate growth and pursue acquisitions.
“We are thrilled to be adding Vector Capital, an experienced investor, and premier financial partner, to our unique blend of existing shareholders, partners, and clients as we enter this monumental phase of growth,” said MoxiWorks CEO York Baur. “We look forward to using this funding to accelerate development in our industry-leading products, scale sales, and marketing efforts, and selectively pursue attractive acquisition opportunities that further fuel our innovation and commitment to remain an independent, open platform for the entire market.”
MoxiWorks has accomplished so much as an independent company. And by adding Vector Capital as a value-added financial partner, the company is set for its next chapter of growth.
“We have spent considerable time diligencing the real estate technology sector, looking for an enterprise-grade SaaS platform capable of serving the needs of top brokerages,” added Robert Amen, a Managing Director at Vector Capital. “After meeting with dozens of companies, we determined that MoxiWorks was best positioned to capture this growing market. The company has distinguished itself through a relentless focus on its customers, resulting in extraordinary client satisfaction and deep, cross-industry relationships. We are honored to partner with York and MoxiWorks’ foundational investors to accelerate technology adoption in real estate.”
As a comprehensive open platform, MoxiWorks serves more than 80 of the country’s largest residential real estate brokerages representing over 130,000 agents nationwide and accounting for more than 13% of real estate transactions in the U.S.
“When we spun out MoxiWorks from Windermere over seven years ago, we had a grand vision of advancing the use of technology in real estate, specifically under the idea that a rising tide lifts all boats,” explained Windermere Real Estate President OB Jacobi.
MoxiWorks’ SaaS products include its sphere-based CRM MoxiEngage; leading CMA product MoxiPresent; and a recruiting system, marketing suite, and Intranet platform MoxiCloud.
“When we backed MoxiWorks, we knew we wanted to be a long-term partner. We’re ecstatic Vector Capital shares our vision and look forward to watching MoxiWorks out-innovate the competition,” commented Howard Hanna Real Estate Services President Howard W. “Hoby” Hanna, IV.
MoxiWorks’ customer retention over the past 7 years stands at 96%. And its integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54% while lowering overall technology, training, and support costs for the brokerage.
“I have no doubt that MoxiWorks will maximize the benefit of Vector Capital joining the ownership group and accomplish great things! We’re excited to partner with MoxiWorks and the three other firms to continue to grow and deliver high-value technology products to the real estate market,” noted Jeff Detwiler, the President and CEO of Long & Foster Companies.
