Redfin is a Seattle-based online real estate brokerage service that has raised $50 million in a new round of mezzanine capital. This investment was led by Tiger Global Management and T. Rowe Price. Five other existing investors including Greylock Partners and DFJ also participated in this round.
Redfin has a combination of home listings data and their own brokers as company employees. Redfin launched 11 years ago and operates in 22 markets throughout the country. Redfin is profitable and is expected to hit between $50 million and $100 million in revenues this year. The company eventually plans to go public.
Redfin plans on using this funding to invest more in their technology development. Redfin CEO Glenn Kelman said that the company is not being pressured to go public soon as indicated by both Tiger Global and T. Rowe Price.