Industry NewsTechnology

ActiveRain secures $2.75 million from HouseValues

Minority investment expected to spur product growth

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Real estate social networking site ActiveRain will receive $2.75 million in a Series A minority investment from HouseValues, a real estate marketing and lead-generation company based in Kirkland, Wash., ActiveRain executives announced today. ActiveRain, based in nearby Seattle, has seen its membership skyrocket to 66,000 members since launching in mid-2006. The Web site offers free networking opportunities to real estate practitioners, who create their own blogs at ActiveRain and interact via groups and blog commenting. Matt Heaton, the company's executive vice president, said the new funding will go into product development, and that the company is moving forward with plans to launch an outside blogging platform, which will enable real estate agents to create and operate blogs for their individual brands that aren't walled inside the ActiveRain social network. The outside blogging platform, currently in beta form, is expected to launch in early February, Heaton said. "We found we had ...