Redfin is getting some financial support as the Seattle real estate company navigates through the COVID-19 crisis.
- The company sold $110 million of stock to Durable Capital Partners, a year-old investment firm led by Henry Ellenbogen, a longtime Redfin backer.
- “Durable’s Henry Ellenbogen has been leading investments in Redfin since 2013, when we were a private company and the market was recovering from the great financial crisis,” Redfin CEO Glenn Kelman said in a statement. “In chaotic times, he understands our long-term commitments to our culture and our technology, and why those commitments position us to take share in a housing market that is being transformed by this pandemic to be more virtual, convenient and efficient. We’re proud to be his partner.”
- Redfin wrote a letter to shareholders last week outlining cost-cutting moves being made amid uncertainty with the real estate market. Kelman will forgo his salary for 2020 and Redfin will increase the fixed portion of pay for agents, among other adjustments.
