Zillow “Rezeives” $30 Million In Funding
As funding rounds go, this was a big one: Zillow raised a fresh $30 million. Look for the already-popular real estate site to really take off as a result.
Or to be less hurt by the housing slump than its competitors. Either way, $30 million will provide a great deal of aid. “We will use the capital to expand our team and to build more new products and features in the coming months,” writes Spencer Rascoff, Zillow’s CFO and VP of Marketing, on the Zillow Blog.
That’s rather vague, but the past months have set quite a precedent; a big June news item involved Vanessa Fox leaving Google for Zillow. (Fox, by the way, doesn’t appear to have had anything to do with the funding round, which was led by Legg Mason Capital Management.) Zillow also introduced several new features in July.
Furthermore, the Wall Street Journal’s Rebecca Buckman reports, “Last year, as it tapped a second round of outside funding, investors valued Zillow at $250 million, according to people familiar with the matter. The latest fund-raising – its third outside round of funding – pegs the company’s value at around $350 million, one of those people said.”
Zillow’s definitely in a good position to both grow and weather any market problems.