Source: Auction.com / #Google #RealEstate
MOUNTAIN VIEW, CA - Auction.com, the world’s largest online real estate marketplace, announced a $50 million investment from Google Capital. As part of the investment, one representative from Google Capital will join the company’s Board of Directors and another will take a board observer position.
“Google is the world’s greatest Internet company, and we’re thrilled to have the opportunity to work closely with them. This will give us an opportunity to tap into their deep expertise in digital marketing and mobile, as well as in building world-class products,” said Jeff Frieden, CEO and Co-Founder of Auction.com. “Over $7 billion of commercial and residential real estate traded through our online marketplace in 2013, and we believe that having Google Capital’s support will help us expand our industry leadership, and carve out a bigger share of the global real estate market.”
Google Capital joins other strategic shareholders in Auction.com including Starwood Capital Group, Starwood Property Trust, Stone Point Capital and funds managed by affiliates of Fortress Investment Group. Auction.com annually handles tens of thousands of transactions across commercial and residential real estate for customers ranging from the largest financial institutions to individuals and brokers.
“Auction.com has quietly built one of the largest marketplaces on the web,” said David Lawee, Partner at Google Capital. “We think Auction.com can fundamentally change how real estate, and particularly commercial real estate, can be bought and sold, leveling the playing field for smaller investors.”
Google Capital was formed in 2013 and previously invested in Survey Monkey, Lending Club and Renaissance Learning. JPMorgan Securities LLC served as sole private placement agent for Auction.com in conjunction with the transaction.