Skip to main content

Real estate startup Redfin is getting ready for an IPO

By

Redfin CEO Glenn Kelman

Online real estate brokerage Redfin has put the "for sale" sign on its own shares, filing the paperwork for an IPO late on Friday. 

Redfin is backed by some of Silicon Valley's biggest names, and plans to begin trading on the Nasdaq exchange under the ticker symbol "RDFN," it said in the S-1 filing with the SEC.

Redfin pegged the size of the offering at $100 million, though that number is likely just a placeholder that will be updated with the real, larger number as it moves closer to IPO day.

Seattle-based Redfin was founded in 2005 and had its share of founder controversies over the years and is currently run by CEO Glenn Kelman, formerly the co-founder of Plumtree Software, acquired back in 2005 by BEA Systems.

It has become famous as an online real estate brokerage that doesn't just list properties like other real estate sites such as Zillow and Trulia. Redfin actually employs agents to sell properties and it charges a lower-than-industry-standard 1.5% listing fee.

The company says it has helped customers buy 75,000 homes, worth than $40 billion in total, through 2016. 

It has raised a boatload of venture investment over the years, nearly $168 million, according to Crunchbase. One early backer is Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen. Vulcan still owns 10% of the company.

Still, the IPO market has been fickle this year, with an assortment of hits and misses. For investors looking for growth, Refin seems to have that:

  • Revenue has been rising: 2016 revenue was $267 million, up from $187 million in 2015.
  • Losses have been narrowing: 2016 net loss was $22.5 million, down from $30.2 million in 2015.
  • Monthly average visitors to its website are rising: 16,215 in 2016, compared to 11,705  in 2015.
  • And its total number of real estate transactions are on the rise: 35,350 in 2016, compared to 27,492 in 2015.

SEE ALSO: By desperately trying to save his nearly bankrupt startup, this guy accidentally found a $10 million idea

Join the conversation about this story »

NOW WATCH: Here are all the major changes coming to your iPhone



from Tech Insider http://ift.tt/2tzsNmq
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Instagram accidentally reinstated Pornhub’s banned account

By
After years of on-and-off temporary suspensions, Instagram permanently banned Pornhub’s account in September. Then, for a short period of time this weekend, the account was reinstated. By Tuesday, it was permanently banned again. “This was done in error,” an Instagram spokesperson told TechCrunch. “As we’ve said previously, we permanently disabled this Instagram account for repeatedly violating our policies.” Instagram’s content guidelines prohibit  nudity and sexual solicitation . A Pornhub spokesperson told TechCrunch, though, that they believe the adult streaming platform’s account did not violate any guidelines. Instagram has not commented on the exact reasoning for the ban, or which policies the account violated. It’s worrying from a moderation perspective if a permanently banned Instagram account can accidentally get switched back on. Pornhub told TechCrunch that its account even received a notice from Instagram, stating that its ban had been a mistake (that message itself w
Post a Comment
Read more

Colorado police identified the serial killer who murdered 4 women 40 years ago after exhuming his body to analyze a DNA sample

By
A scientist examines computer images of DNA models. Getty Images Police in Colorado have cracked the cold cases of four women killed 40 years ago. Denver PD said genetic genealogy and DNA analysis helped them identify the serial killer. He had died by suicide in jail in 1981. DNA from his exhumed body matched evidence from the murders. Police in Colorado have cracked the code on four murder cases that went unsolved for 40 years, using DNA from the killer's exhumed body. The cases pertain to four women killed in the Denver metro area between 1978 and 1981. They were 33-year-old Madeleine Furey-Livaudais, 53-year-old Dolores Barajas, 27-year-old Gwendolyn Harris, and 17-year-old Antoinette Parks. The four women were stabbed to death. Denver Police Commander Matt Clark said in a press conference Friday that there was an "underlying sexual component" to the murders but didn't elaborate further. In 2009, a detective reviewed Parks' case and picked several p
Post a Comment
Read more

Axeleo Capital raises $51 million fund

By
Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in
Post a Comment
Read more