Auction.com, which hosts virtual foreclosure auctions that let participants bid on residential and commercial properties online, has raised $50 million from Google’s equity fund, Google Capital.
“Auction.com has quietly built one of the largest marketplaces on the Web,” said David Lawee, partner at Google Capital, in a statement. “We think Auction.com can fundamentally change how real estate, and particularly commercial real estate, can be bought and sold, leveling the playing field for smaller investors.”
Auction.com inked a referral agreement with the National Association of Hispanic Real Estate Professionals in February and hired high-profile industry vet Rick Sharga as executive vice president and company spokesman in July.
Other shareholders in Auction.com, which has become the largest online real estate dealer in the U.S., according to Bloomberg News, include Starwood Capital Group, Starwood Property Trust, Stone Point Capital and funds managed by affiliates of Fortress Investment Group.
