MoxiWorks, a Seattle startup that operates a platform for real estate brokers, has raised cash from private equity firm Vector Capital. The company declined to reveal the size of the “meaningful” stake or the terms of the deal.
The startup plans to use the funds toward product development, sales and marketing efforts, as well as potential acquisitions.
“We are thrilled to be adding Vector Capital, an experienced investor and premier financial partner, to our unique blend of existing shareholders, partners, and clients as we enter this monumental phase of growth,” MoxiWorks CEO York Baur said in a statement.
MoxiWorks spun out of Windermere Real Estate more than seven years ago. The company makes customer relationship and market analysis software that helps agents perform day-to-day tasks and meet sales targets. Its software is used by 80 brokers nationwide, which collectively represent 130,000 agents.
Vector Capital manages $4 billion and has invested in tech companies such as RealNetworks, Cheetah Digital and CloudSense. Other MoxiWorks investors include Howard Hanna Real Estate Services and Long & Foster Real Estate.
“We have spent considerable time diligencing the real estate technology sector, looking for an enterprise-grade SaaS platform capable of serving the needs of top brokerages,” said Robert Amen, managing director of Vector Capital. “After meeting with dozens of companies, we determined that MoxiWorks was best positioned to capture this growing market. The company has distinguished itself through a relentless focus on its customers, resulting in extraordinary client satisfaction and deep, cross-industry relationships.”
MoxiWorks is one of several real estate startups in the Seattle region using technology to disrupt the property buying and selling process. Others include Flyhomes, Remarkably, Pro.com, Porch, JetClosing, Knock, IMPREV, and Faira — not to mention industry giants such as Zillow Group and Redfin.
MoxiWorks recently hired two business development directors, Kirsten “Kiki” Wanshura and Heather Glass. The company also partnered with Buyside last month to bring additional data analytics on homebuyers to its platform.
Baur is also the founder and president of Peninsula Heritage Productions. He previously held executives positions with the Space Needle; The TAS Group; Zango; InfoSpace; and other companies.