Tuesday, January 9, 2018

REX Raises $15M Funding

Woodland Hills-based REX Real Estate Exchange, a startup which helps homeowners sell their homes without using an MLS, has raised $15M in a Series B funding. According to REX, the funding included investments from Scott McNealy, co-founder and former chief executive officer, Sun Microsystems; Dick Schulze, founder, Best Buy; Gordon Segal, founder, Crate and Barrel; Amit Singhal, former senior vice president of search, Google; Jack Greenberg, former chief executive officer, McDonalds; and others. The company has now raised over $30M in funding. According to REX co-founder and CEO, Jack Ryan, it has developed a technology platform which helps homeowners sell their homes, without going through a traditional agent or MLS. The company only charges a 2 percent, flat free. Ryan said that the company uses artificial intelligence and machine learning--plus such things are social media and targeted advertising--to find prospective home buyers for homes.

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