Redfin Closes $12 Million Financing Led by Draper Fisher Jurvetson

Current Investors Also Participate in Series C Funding

Jul 18, 2007, 01:00 ET from Redfin Corporation

    SEATTLE, July 18 /PRNewswire/ -- Online real estate broker Redfin
 Corporation today 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. Melton brings to the board experience opening new
 markets for another Seattle-based consumer start-up, InSpa.
     "More than ever, the Web provides a deep understanding of a home and
 its neighborhood, which has empowered consumers to take charge of the
 home-buying and -selling process," said Melton, who has been monitoring
 Redfin's progress since early 2006. "As one of the only companies actually
 brokering transactions online, Redfin is driving this trend to its logical
 conclusion, delivering the most value to the consumer, and the most
 profound change within the real estate industry. With more than $60 billion
 in annual commissions at stake, the opportunity is enormous."
     "We expect this to be our last round of venture financing, so we looked
 for a guide on the long journey ahead who could help us generate profits
 and lead our market," said Redfin CEO Glenn Kelman. "DFJ's commitment to a
 consumer-centered business, its connections to Silicon Valley's most
 advanced technologies, and its appetite for huge, competitive markets made
 us natural partners. We're especially delighted to have Emily on board."
     About Draper Fisher Jurvetson
     Draper Fisher Jurvetson is the leading venture capital firm with global
 presence through a network of affiliated funds, with offices in more than
 30 cities around the world and more than $5 billion in capital commitments.
 DFJ's mission is to identify, serve and provide capital for extraordinary
 entrepreneurs anywhere who are determined to change the world. Over the
 past twenty years, DFJ has been proud to back approximately 500 companies
 across many sectors including such industry changing catalysts as Hotmail
 (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online
 (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), 411 (acquired by
 YHOO), Parametric (PMTC), and Digidesign (acquired by AVID).
     About Madrona Venture Group
     Madrona Venture Group is a top-tier venture capital firm that brings
 together the vision, resources, experience, teams and strategic
 relationships to build the next generation of leading technology companies
 in the Pacific Northwest. Since 1995, Madrona has repeatedly demonstrated
 an ability to partner with high-quality management teams to create value
 together. Madrona's veteran team focuses on early-stage investing in
 Internet, software, wireless and research commercialization. Portfolio
 companies leverage Madrona's expansive network of relationships with
 technology thought leaders, established and emerging companies, channel
 partners, financial institutions and universities. Madrona Venture Group
 manages over $400 million and has invested in great companies such as, Isilon Systems, and iConclude. For more
 information, visit
     About Vulcan Capital
     Vulcan Capital is the private investment group of Vulcan Inc., the
 organization founded by Paul G. Allen in 1986 to manage his personal and
 professional endeavors. Vulcan Capital oversees a multibillion-dollar
 portfolio across diverse industry sectors and investment asset classes.
 Investments range from early stage venture investments to public entity
 value investing, leveraged buyouts, acquisitions, and distressed
 situations. Vulcan Capital's mission is to produce superior returns over
 the long-term across a diversified investment portfolio. Visit Vulcan
 Capital online at
     About BEV Capital
     BEV Capital is a specialized venture capital fund focused on
 consumer-oriented businesses. The core of their business is investing in
 consumer companies. This includes retailers, Internet businesses, consumer
 products, consumer services, media, and restaurants. BEV Capital also
 invests in supporting technologies for consumer companies such as marketing
 software and services, Internet technologies, retail IT, information
 services, and analytics. BEV operates on the premise that superior
 marketing and sales effectiveness are critical to building a successful
 long term business. BEV works closely with its portfolio companies to
 develop the right sales and marketing strategies to maximize long term
     About Redfin
     Redfin ( is the real estate industry's first
 online brokerage, currently available in Greater Boston; the San Francisco
 Bay Area; Greater Seattle; Southern California, including Los Angeles,
 Orange County, the Inland Empire and San Diego; and the Washington, D.C
 area. By combining maps, listings, tax records and analytics, Redfin has
 become one of the most popular brokerage sites. Customers who use to buy or sell properties earn a refund of most of the
 commission traditionally due their broker, and get full support in
 paperwork, offer presentation, negotiations and closing. Redfin has one of
 the highest customer satisfaction rates in the industry, and is the only
 brokerage with a 100-percent-customer-satisfaction guarantee. To give the
 Redfin service a try, visit; to keep track of our
 daring exploits via our blog, go to

SOURCE Redfin Corporation