Google Invests $50 Million in Auction.com
Google is taking a bigger stake in real estate with a $50 million investment in Auction.com, an online real estate site. Google Capital, which is the venture capital arm of Google, made the announcement Wednesday.
“Auction.com has quietly built one of the largest marketplaces on the web,” David Lawee, a partner at Google Capital, told CNBC. “We think Auction.com can fundamentally change how real estate, and particularly commercial real estate, can be bought and sold, leveling the playing field for smaller investors.”
Auction.com sells properties through its site in an auction process. The company reported more than $7 billion of commercial and residential real estate were traded through the site in 2013.
Google joins other shareholders in Auction.com, such as Starwood Capital Group, Starwood Property Trust, Stone Point Capital, among others.