Google Capital has invested $50 million in Auction.com, an online real estate marketplace.
The online real estate vendor is looking at expanding industry leadership, and grabbing a bigger share of the global real estate market.
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.
Formed in 2013, Google Capital previously invested in Survey Monkey, Lending Club and Renaissance Learning.
“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.
The online portal saw more than $7 billion of commercial and residential real estate traded through its marketplace in 2013.
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.
