|January 09, 2006|
|Redfin Hires New Executives from Amazon and Plumtree, Raises Capital|
Madrona Investment Funds Expansion, New Products
SEATTLE - Jan. 9, 2006:
After more than a year as Seattle's most popular site for residential real estate, Redfin raised its first round of venture capital to develop new e-commerce services and to expand to major markets across the United States. As part of Madrona's investment, Madrona Managing Partner Paul Goodrich has joined Redfin's board as chairman. Mr. Goodrich is a director of ShareBuilder, PhotoWorks and RuleSpace, and previously served on the board of Classmates.com.
"New funding and an expanded executive team give us the resources we need to execute on our strategy of giving consumers information and electronic service at every step of the home-buying and selling process," said Redfin founder David Eraker. "After more than a year running the industry's first map-driven site for listings and tax records, we've accumulated analytics and expertise that we can put to good use in 2006."
"In Redfin, Madrona saw the kind of opportunity investors love: patent-pending technology creating consumer delight, but not enough capital to hire new executives and expand," Madrona's Paul Goodrich said. "Already we've recruited the nucleus of a world-class team that we believe can change the real estate game in the customer's favor."
In 1997 Glenn Kelman co-founded corporate portal market-leader Plumtree Software from scratch. As the company grew to become one of the only software companies to go public in 2002, Mr. Kelman worked in the early days as a head of operations and engineering and then later assumed responsibility for marketing, product management and business development. Prior to his Plumtree tenure, Mr. Kelman was one of the first employees at a Sequoia-backed start-up acquired in 1995 by Informix.
Before Amazon, Brian Marsh led engineering for Appliant, which developed performance management software for consumer Web sites. He was also senior vice-president of engineering at Juno, one of the world's largest providers of advertising-supported e-mail services. Prior to that, Mr. Marsh worked at investment and technology firm D. E. Shaw, where he built advanced trading algorithms using large data-sets. Mr. Marsh holds a Ph.D. in computer science.
"Redfin got to be the innovator in online real estate by creating a site that in a hundred ways is a delight to use," said Mr. Marsh. "We will continue this ruthless customer focus, constantly imagining and re-imagining how we can improve our site to give home-buyers and sellers exactly what they want."
"The real estate industry is undergoing big changes," Mr. Kelman said. "More than ever, the Internet is putting the customer in charge. It's great to be part of a team driving that change."