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Redfin raises USD10m financing led by Greylock Partners

Online real estate broker Redfin has completed a USD10m series D financing led by Greylock Partners.

Existing Redfin investors Madrona Venture Group, Draper Fisher Jurvetson, Vulcan Capital and The Hillman Company also participated in the round.

This new investment brings the total capital raised by Redfin to USD30.8m.

James Slavet (pictured), a partner with Greylock and former operating executive at Yahoo, joins Redfin’s board of directors.

Greylock, which recently announced its 13th fund, has supported hundreds of successful technology startups, 150 of which have gone on to public offerings. Among Greylock’s current consumer investments are digg, Facebook, LinkedIn, Pandora and Zipcar.

"Redfin prospered at a time when real estate valuations and transactions plummeted," says Slavet. "Redfin has generated impressive operating performance through product innovation and an obsession with customer service. We are excited to help the Redfin team build a market-leading business in the USD1trn residential real estate industry."

Redfin plans to use the additional capital to scale its infrastructure, to expand into new markets and to invest in research and development.

"Greylock’s experience developing some of the Internet’s most recognized consumer brands as well as its appetite for building large-scale public companies are a perfect fit for our ambitions," says Redfin chief executive Glenn Kelman. "We believe that our ability to invest in technology and our consumer-first commitment give us a shot at reinventing a very fragmented, sales-driven real estate industry. Greylock has the resources, patience and guts to help us pull that off."

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