REX Completes $45 Million Series C Financing to Expand Markets and Services
WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Jan 22, 2019--REX, the most effective and least expensive way to buy and sell a home, announced today it had secured Series C funding of $45 million.
REX is the first licensed residential real estate brokerage to successfully circumvent the outmoded MLS real estate agent model through its use of AI and big data. The Series C proceeds will be used to accelerate REX’s national expansion and add to its service offerings.
REX offers a fixed two percent commission covering both sides of the transaction and a professional team handling everything from listing to close, including escrow, titling, mortgages and insurance shopping. REX reduces the complexity and stress of home buying and selling while saving consumers an average of 60 percent on what they would pay a traditional agent.
“REX is delivering a residential real estate solution in step with how consumers actually behave and what they actually want,” said REX investor Scott McNealy, co-founder and former CEO of Sun Microsystems. “REX has expanded rapidly and has been managing its business with incredible focus, and we’re delighted by the way home buyers and sellers across the U.S. are responding.”
To date, the company has raised $75 million from prominent private investors including McNealy, Dick Schulze, founder of Best Buy, Gordon Segal, founder of Crate and Barrel, Amit Singhal, former SVP of search at Google, Diana Nelson, chair of Carlson, Jack Greenberg, former CEO of McDonald’s and Muneer Satter, chairman of Satter Investment Management.
“We are at a transformational moment in the U.S. real estate market with consumers demanding lower costs, great service and the benefits brought by technology that have transformed so many other industries,” said Jack Ryan, co-founder and CEO of REX. “REX offers a more affordable, convenient and transparent way to buy and sell homes, in contrast to all the brokerages that depend on the MLS model that uses protectionist practices to maintain outrageously high fees.”
In 2018, REX expanded to Colorado, Texas, Northern California and New Jersey from its roots in Southern California and New York. The company increased listings by 300 percent year-on-year, representing homes cumulatively valued at over $1 billion and in the process, saved customers over $12 million in fees they otherwise would have paid traditional brokers. For every 50 homes it sells, REX builds one new home for a family in need.
REX also began offering consumers escrow and title, mortgage and insurance services. This month, REX expanded to two new markets -- Sacramento, Calif. and Portland, Ore.
REX is the first licensed residential real estate brokerage that uses AI and big data to push past the outmoded business practices of traditional realtors by providing dramatically better outcomes and experiences for both buyers and sellers at dramatically lower costs. To find out more about how REX saves consumers money and hassles in what’s typically the most stressful transaction of their lives, visit rexhomes.com and follow REX on Twitter @rex_change, Facebook, or Instagram.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190122005259/en/
CONTACT: Trish McCall
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE REIT COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
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PUB: 01/22/2019 08:30 AM/DISC: 01/22/2019 08:31 AM