Brokerage

Discount brokerage gets $100M more from billionaire founder

'It's obvious we're not going away,' says SRE Matrix's vice president.
  • SRE, a high-tech discount brokerage, has secured another $100 million in funding from a billionaire who is SRE's sole investor, bringing his funding of SRE to $200 million.
  • SRE, which currently operates in Hawaii and San Diego, plans to launch a national listing search portal in the first quarter of 2017 and intends to provide brokerage services in all 50 states.
  • The firm is looking for brokerages to buy or partner with.
  • SRE pockets 1 percent of a home's sales price for representing a buyer or seller and advises sellers to offer 1 percent to buyer's brokers.

“$200 million is no problem for Mr. Sekiguchi,” said billionaire real estate developer Takeshi Sekiguchi, speaking of himself in the third person about his investment in SRE Matrix, a discount brokerage he founded in 2014. SRE stands for "Smart Real Estate." A company spokesperson confirmed that Sekiguchi has poured an additional $100 million into SRE, which purportedly brings its total funding -- all provided by Sekiguchi -- to $200 million. This staggering sum exceeds funding rounds by venture capital-backed firms like Redfin, Opendoor and Compass. Funding a nationwide search site and expansion to 50 states Takeshi Sekiguchi SRE will use the money to launch a nationwide listing search site in early 2017 and eventually provide brokerage services in all 50 states, either directly or through partner firms, said Rob Young, executive vice president at SRE. Sekiguchi's latest investment comes after SRE has made some tweaks to its growth strategy, including poss...