October 28th, 2011
Seattle’s Redfin has a growing Portland presence—and $14.8 million in additional funding to help build it
It's always great to hear about companies headquartered in Portland getting funding. But you know what else is great? Companies with branch offices in Portland getting funding---especially when they're growing branch offices.
Such is the case with Seattle-based Redfin
, which just landed $14.8 million in funding
, part of which will be used to increase the size of their Portland footprint.
Redfin, a company of local real estate agents and software engineers working together to give people a smarter way to buy or sell a home, will use the money to launch its service in new cities and to deepen its investment in research and development.
And according Michael Arrington
, they could be the real deal
Redfin has a classic disruption model. Find a huge inefficient industry (in this case real estate broker fees) and then rip it apart to make consumers happy. The overall size of the market shrinks. But there are huge profits to be made. Investor Josh Kopelman calls it “Shrink a Market!”
Redfin has plans to increase the size of its Portland office to 10 by mid-Spring.
For more on the funding, read Real Estate Industry Cringes as Redfin Takes $15 Million #seattleiswinning
or read the Redfin blog post on the funding