Redfin Raises another $10M in VC

Mike Arrington:

eattle based Redfin, an online real estate startup, has raised another $10 million in a venture capital round led by Greylock Partners. Existing investors Madrona Venture Group, Draper Fisher Jurvetson, Vulcan Capital and The HIllman Company all participated in the round, and Greylock's James Slavet joins the Redfin board of directors.

This was a safety round, as Redfin announced profitability over the summer and have now exceeded a $20 million in revenue run rate (it was just $15 million last summer). They've roughly quadrupled in size since 2008, even in a down real estate market.

I used Redfin as a buyer over the summer when I was looking for a house. Here's how it works, and why it's so attractive compared to normal real estate broker deals: As a buyer you spend a lot of time on the Redfin site, looking at available houses and a rich set of data on previous sales, comps in the neighborhood, other homes listed in the same price range, etc. (or you can use their iPhone app, which the company says is the highest rated real estate app).