LOS ANGELES—Realty Mogul has completed its series B funding round, raising $35 million. Sorenson Capital led the round with additional funding from Canaan Partners, who led Realty Mogul's series A fundraising round. Realty Mogul will use the funds to hire additional technologists and data scientists to strengthen the company's tech platform.
The series B round went exceptionally well, according to Jilliene Helman, CEO of Realty Mogul. The success of the round matched the company's series A fundraising round, which raised $9 million and was also very well received. “There is a lot of interest around fin-tech in general and a lot of capital being deployed into real estate technology across the venture community, and our fundraising efforts were widely very well receipted from the venture capital market,” Helman tells GlobeSt.com. “On the heels of what Lending Corp. and AllState Capital have been able to do, people are really excited about the application of an online marketplace in real estate. There is a widespread belief that we are one of the companies in the upper echelon, and big VCs like to back the brand leader. It was a very quick round, but capital raises are fast when you find the right partner. Given that there is a lot of excitement and interest in the market, that is exactly what this was.”
In the last year, the company has grown from 10 employees to 88, and these funds will help continue that expansion while ensuring that the company is focused on its technology platform. For that reason, Sorenson Capital was a great partner for the firm. “Sorensen Capital is very technology oriented, and the shift that we are making in the way that we use our capital markets is by using technology to dictate a lot of things,” says Helman. “Their background in technology, and specifically Rob Rueckert, who is joining our board, has a very deep technology background to make sure that we stay a fin-tech firm and to make sure that technology remains at the center of our organization. They won't come into the company with a lot of real estate biases, but will really be approaching it from a tech perspective.”
This has been a phenomenal couple of weeks for the company. Last week, it announced the strategic hiring of three senior executives, Ryan Sakamoto, in-house general counsel, and Michael Sanchez and Charles H. Kim, who join the company from Colony Capital.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
