BrokerageIndustry News

Redfin snags $8 million in venture funds

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Redfin, a Seattle-based technology-powered real estate brokerage company that allows users to submit online offers to purchase homes, announced today that it has received $8 million in venture capital financing and has expanded its services to the San Francisco Bay Area. The launch of services in the San Francisco Bay Area is the company's first in a nationwide expansion plan, according to the announcement. The company has plans to expand into the Los Angeles and San Diego markets in the summer months, and to launch services in the East Coast by year-end. In February, Redfin launched Redfin Direct, an online offer system at that provides information to users about the home purchase process and allows users to complete an online form that they can send electronically to a Redfin agent. Redfin has handled about 40 pending or closed home-sale transactions since it rolled out this online offer program, which offers to rebate two-thirds of a real estate commission to buyers tha...