redfin-markets11
Redfin continues to increase its national footprint.

Fresh off its $50 million funding round, Redfin continues to expand into new markets.

GeekWire has learned that the company — which offers discounted real estate brokerage services— is now operating in Rhode Island and San Antonio, Texas. That follows news from last month that the company had begun showing homes in Minneapolis.

Redfin CEO Glenn Kelman
Redfin CEO Glenn Kelman

In an interview with GeekWire last month, CEO Glenn Kelman said that the $50 million injection would not necessarily be used to open new markets, noting that the company preferred to use its own cash flow to expand. He declined to comment on expansion plans for 2014, but said that opening a market “just doesn’t cost us that much money.”

One thing to consider is that Redfin may be looking to bolster its national presence in anticipation of an IPO. (I presume Wall Street would prefer to see Redfin have a larger national footprint).

Redfin has been discussed as a potential IPO candidate, with speculation increasing in June after it hired Chris Nielsen, the former chief financial officer and chief operating officer of Zappos, as CFO.

In our interview with Kelman last month, he said he wasn’t too concerned about the timing of an IPO.

Redfin, which now operates in about two dozen markets across the country, has closed on more than $8 billion in home sales to date. Redfin is different from publicly-traded online real estate companies like Trulia and Zillow in that it participates directly in the transaction, helping clients buy and sell homes.

Redfin spokeswoman Jani Strand confirmed the new markets in an email to GeekWire.

“In all three cases, we’re still in the process of recruiting our local agent teams. As soon as we have agents on the ground in those areas, we will announce them,” she said.

And while she confirmed plans to add new markets in 2014, she didn’t say which ones were on the list.

Like what you're reading? Subscribe to GeekWire's free newsletters to catch every headline

Job Listings on GeekWork

Find more jobs on GeekWork. Employers, post a job here.