Real estate is rapidly moving into the digital age and there’s no question that tech giants are looking to leverage their huge investments in the area.
Trulia, the home-search service, has announced a $50 million round of funding, as the company tries to bring real estate to the masses.
But what does this mean for us?
Let’s take a closer look.
Trulia, an online real estate platform, recently revealed it had raised $50.5 million in Series A funding led by Sequoia Capital.
The funding comes after Trulia launched its real estate portal, Trulia Live, earlier this year.
The app allows users to search and buy homes in a wide range of price ranges and features like live listings, photo galleries, and real-time alerts.
The company said the money will be used to expand Trulia’s product, improve the site’s functionality, and improve its business model.
Truman Bixby, president and CEO of Trulia says the new funding will help fund a new and improved Trulia.com.
“We’re excited to announce that we have been accepted into the Sequoias SequoIA Capital Fund for an undisclosed amount, which will enable us to continue to invest in the company,” Bixman told Next Big Tomorrow.
“We are committed to making Trulia more affordable and more accessible to everyone, and are excited to work with Sequoion Capital and our investors to make Trulia a more compelling platform for everyone.”
Trulia Live is the company’s mobile app.
It currently has over 1.5 billion active users, but it aims to add 3 billion in the coming months.
The first $25 million of the funding will go towards making the app even more affordable for Trulia users.
The remainder of the money is to expand the app’s functionality and improve TruliaLive.
TrustedHome, a Trulia subsidiary, also announced the funding in a press release.
“The Trulia platform is a major part of our overall business, and we are excited about the new Trulia investment, which helps us accelerate Trulia expansion and bring more real estate customers to our platform,” the company said.
The Trusum group is a group of tech billionaires led by Elon Musk.
It’s led by Bix, who previously founded the Tesla electric car company.
The Trumans first investments in companies like Apple, Google, and Facebook have all seen their value skyrocket in the past year.
But it remains to be seen whether Trulia will continue to see the same growth.