Auction.com, the world’s largest online real estate marketplace, 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.