Redfin is bolstering its board of directors, a sign that the Seattle online real estate company may be positioning for an initial public offering.
The company announced today that Robert J. Mylod, Jr., the former vice chairman and chief financial officer at Priceline.com, and Selina Tobaccowala, president and chief technology officer at SurveyMonkey, have joined the board. Tobaccowala co-founded online invitation website Evite in 1997, while Mylod previously worked at private equity firm Stonington Partners.
Mylod, founder and managing partner of Annox Capital, will chair the company’s audit committee. He retired from Priceline.com in 2011.
The additions bring Redfin’s board to eight, including Glenn Kelman, Redfin CEO; Paul Goodrich, managing director at Madrona Venture Group; Marc Singer, managing partner at Osage University Partners; James Slavet, partner at Greylock Partners; Austin Ligon, co-founder and former CEO of CarMax; and Andy Goldfarb, co-founder and executive managing director of Globespan Capital Partners.
Redfin raised a $50 million round last November, and it has been discussed as a potential IPO candidate. Asked about that possibility, Kelman told GeekWire last fall that there’s no set timetable for a public offering. In fact, he said the latest capital infusion — provided by Tiger Global, T. Rowe Price and others — said it would allow the company to “get some space to take some chances and make some mistakes and get some hits, and still be a little unpredictable.”
Redfin said it was on pace to hit between $50 million and $100 million in revenue in 2013, and turn a profit. It has been expanding its markets in recent months, and recently said that it plans to start a national TV advertising campaign.