Auction.com Wins $50M Investment
IRVINE, CA, World's largest online real estate marketplace, today announced a $50 million investment from Google Capital.
Auction.com, the world's largest online real estate marketplace, today 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.
Auction.com, LLC, is the nation's leading online real estate marketplace. Founded in 2008, the company has sold nearly $20 billion in assets since 2010. Auction.com has over 900 employees and offices in Irvine and Silicon Valley, California as well as offices in Atlanta, Austin, Denver, Miami and Newport Beach. Visit Auction.com for more information.
About Google Capital
Google Capital is a growth equity fund backed by Google. Google Capital invests in companies that use technology to change the way people experience the world. Advised by Google technology and product leaders, the Google Capital team has the extensive operational and technical expertise to make smarter investments and help our portfolio companies succeed. Google Capital's investments to date include SurveyMonkey, Lending Club, and Renaissance Learning. (www.googlecapital.com)
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