Private equity firm Thomas H. Lee Partners has acquired a majority stake in online real estate marketplace Ten-X, in undisclosed deal.
Following the investment, the current shareholders of Ten-X will continue to hold minority shares within the company. Current shareholders include Ten-Xâ€™s senior management team, Stone Point Capital, and CapitalG.
Founded in 2017, the company offers a real estate marketplace which allows users to buy and sell residential and commercial properties, through desktop and mobile applications. California-based Ten-X helps buyers, sellers and real estate professionals to complete the entire sales process online.
Since the platform launched, it has helped $50bn of residential and commercial property sales across more than 300,000 transactions, according to the company.
Ten-X CEO Tim Morse said, â€œThis investment gives us the scale and resources to accelerate our growth and further expand our platform and product offerings. With the support of THL as a partner going forward, we can fully execute on our vision, build on our position as a leader in the online real estate market, and continue to provide our customers innovative products and services.â€
The company has raised up to $141m in funding, with the company receiving a $50m round in 2014 led by CapitalG.
Earlier this week another online real estate investment platform closed a funding round, with RoofStock bagging a $35m Series C led by Canvas Ventures.
Last year Thomas H. Lee Partners funded $150m in to is HR outsourcing portfolio company Ceridian to support its human capital management platform, Dayforce.
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