Yesterday Redfin formally announced that we closed another round of funding:
Congratulations to Glenn Kelman (our CEO), our board, and everyone else who pitched in to make this happen!
The Venture Capital firm who lead this round, Greylock, has been around for decades and has seen more than 150 of its companies go public. Currently they have investments in lots of well known companies including Facebook, Pandora, LinkedIn, and ZipCar. Also, it appears that they have an office in Herzliya, Israel! :-) (…among other places).
On a personal note…
While Pnina and I were travelling around the world, lots of people asked me “so, what do you plan to do when you go back home?” And I told them that I really liked working at Redfin and that my boss invited me to come back, but that frankly I’m not sure it will happen because the economy back home is in the shitter and Redfin is caught right in the middle of a perfect storm (we’re a real estate company that needs venture capital funding to help us grow into a self-sustaining company). The way I saw it, if Redfin was still around by the time we returned from the trip then for sure I would come back to work there, but I just didn’t know. My guesstimate was that Redfin would need to raise its next round sometime over the summer. So when spring came (while Pnina and I were frolicking in Nepal and Tibet) I started paying closer attention to the Redfin blog, looking for a post that announces the new round of funding. Then it was May, then June, July, August, and still no word. So I was starting to accept the idea that I’ll need to search for a new job when we get back home. But when I got back I discovered that my guesstimate was way too conservative because, while I was away, Redfin was busy kicking ass, including its first profitable month, then another, then another (and, to be fair, this much was announced on the blog, but I still wasn’t sure). And our current investors took note of this, and other prospective investors must have also taken note, because, well, the round of funding is now done.
I’m excited to see what we’ll accomplish in the next year – which new markets we will reach and what new features we will bring, both publicly to customers and internally to our agents and other staff.
Go, Redfin, Go!