Google Capital invests $50 million in

Posted Mar 5, 2014

Google Capital, a growth equity fund backed by Google Inc (NASDAQ:GOOG), is investing $50 million into, a real estate marketplace service. now has a valuation of $1.2 billion. Two representatives of Google Capital will join one as a director on the board and another as a board observer. connects real estate buyers and sellers. has sold $26 billion worth of property since being founded. is sometimes referred to as “eBay for real estate.” The highest bidder wins the auctions. contains a wide variety of real estate from foreclosed homes to multi-story office buildings. handles tens of thousands of transactions across commercial and residential real estate for customers. launched in 2008 and started to expand in Silicon Valley last year from their headquarters in southern California.

? has quietly built one of the largest marketplaces on the web,? stated David Lawee, a partner at Google Capital. ?We think can fundamentally change how real estate, and particularly commercial real estate, can be bought and sold, leveling the playing field for smaller investors.?