IRVINE, CA—As GlobeSt.com reported last week, Auction.com is the recipient of a $50-million investment from Google Capital. As part of the deal, one representative from Google Capital will join the Auction.com board of directors and another will take a board observer position. We caught up with Auction.com president Jake Seid to discuss what the partnership means for his firm and for the commercial real estate industry at large.
GlobeSt.com: How does Google Capital’s investment in Auction.com represent a milestone for your company?
Jake Seid: I think the investment really validates our vision for using the Internet to transact real estate. We focus on making the process more transparent for the buyer, seller and broker. For Google Capital, their mission is to invest in late-stage businesses that are fundamentally transforming large markets, and we were their bet in real estate.
GlobeSt.com: What does this mean in terms of the direction and strategic focus of your firm?
Seid: We really view this as a strategic partnership. It’s about more than the money. Google is world class in mobile, product development and online marketing, and these are very valuable areas to us.
GlobeSt.com: How does it impact the commercial real estate industry?
Seid: We think this will help enable tremendous transparency and efficiency for everyone involved. We all know that the Internet is very powerful at bringing buyers and sellers together, and we’ve built the largest online marketplace that does that more efficiently than paper, pencil and fax machine.
GlobeSt.com: Are you looking at other similar partnerships with high-profile investors?
Seid: We’re heads-down focused on growing the business and will continue to explore other strategic partnerships that make sense.