US-based BidMyListing gets $20m funding to scale up real estate marketplace
Led by Deer Park Road, the funding will accelerate growth and team expansion nationwide
Since its launch, BidMyListing has generated more than 2,000 listings from motivated homeowners looking to connect with real estate agents representing just over half a billion dollars in property value.
BidMyListing, a US-based new real estate marketplace that connects home sellers to real estate agents closed their latest funding round on September 23 with a $15 million investment from Deer Park Road Management Company, LP, a Colorado-based alternative investment manager in structured credit and mortgage related investments.
“Since its launch, BidMyListing has generated more than 2,000 listings from motivated homeowners looking to connect with real estate agents representing just over half a billion dollars in property value,” said Matt Proman, the creator and founder of BidMyListing.
“The traction that we are seeing from home sellers and real estate agents has been tremendous. It’s a clear indicator that BidMyListing represents the future of selling real estate. Homeowners are lining up to work with us knowing they can receive cash upfront from a qualified agent of their choosing – while agents are relieved to finally have the opportunity to buy predictable listing inventory instead of using an unpredictable spend to acquire leads. It’s a win-win for both the homeowner and the agent.”
BidMyListing’s latest investment was provided by STS Master Fund, Ltd., Deer Park Road Management Company, LP’s flagship master fund. This comes on the heels of BidMyListing’s $5 million pre-seed, which took place earlier this year, bringing its total investment to $20 million.
With BidMyListing, real estate agents bid on the opportunity to represent the sale of a home. Bids contain cash upfront, commission, listing term, and a description of why the agent is the best fit to sell the home. Home sellers pick a winning agent’s bid that is the best fit for them.
For real estate agents, BidMyListing is like virtual door knocking where they have precise control over their marketing spend and return on investment. Home sellers are able to review agents transparently and gain confidence that the winning agent is dedicated to that homeowner.
The real estate marketplace has also seen success as a result of its continued focus on talent and culture, a large part of where this seed round capital will be utilized. Chief among the current BidMyListing team include real estate moguls Josh and Matt Altman of The Altman Brothers.
Josh Altman consistently ranks in the top one percent of all agents nationally and sold over $1.46 billion in transactions in 2021. He and his brother are also known for their long-time roles on Bravo TV’s Million Dollar Listing Los Angeles.
Other key executives on the team include BidMyListing’s Chief Executive Officer (CEO) John Nicholas, former CTO with Carrington Retail Group and SVP of Product at Auction.com/Ten-X; Chair and Chief Strategy Officer, Chris Wesser; and Ryan Dranginis, Chief Marketing Officer (CMO) who was previously the CMO for Vesta and Senior Vice President of Marketing at Vylla.
“As we continue to see BidMyListing’s early adoption in the marketplace, we are proving what we knew all along – that this marketplace model truly helps both the homeowner and agent. In fact, it is showing us what the future of real estate is going to look like,” said Josh Altman, co-founder of BidMyListing.
This $15 million dollar infusion comes at a particularly interesting time, given this year’s uncertain market conditions, but it shows that VCs are still looking for the best in class as they continue to grow their portfolios.
“In this market, VCs continue to fund the best companies, and BidMyListing’s recent seed round is no exception,” said David Young, partner at Cooley. “I am proud that Cooley was able to serve as deal counsel, and it is a true pleasure to see this excellent team close a significant round in a tough market. I believe this helps position the company for continued growth.”