US real estate marketplace Auction.com nabs $50M investment from Google Capital
Real estate marketplace Auction.com has secured a $50 million capital infusion from Google Capital. The company will use the new funding to beef up its product and marketing efforts, according to TechCrunch.
Google Capital Partner David Lawee said of the property site: "Auction.com has quietly built one of the largest marketplaces on the web. 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."
Auction.com boasts of a wide array of properties that include luxury houses, office structures, storage facilities, and foreclosed homes. All the buying and selling transactions are made online and financing is made through a bank. Buyers have to bid for their desired property. The company makes money through a 5% commission from every closed deal, the report detailed.
The real estate marketplace was launched in 2008 has now expanded to have a valuation of $1.2 billion. Auction.com is currently based in Southern California, TechCrunch reported.