PropTech platform REX closes $15m Series B


US-based REX Real Estate Exchange has closed a $15m Series B funding round.

The company is an online platform for buying and selling homes, where consumers only pay a 2 per cent flat fee. REX uses big data, AI, and machine learning to improve the buying and selling experience.

The solution also helps buyers with home loan financing, getting people prequalified or secure with a mortgage quote when submitting the offer. Last year, the company saw a 300 per cent YoY growth in its states of operation, Southern California and New York.

Capital from this round of funding will be used to fund market roll-out data, accelerate platform automation and further national expansion.

REX Real Estate co-founder and CEO Jack Ryan said, “Our all-star investors and world class management team are deeply committed to improving the real estate industry. We are proud to have built a service that puts massive amounts of money back into the pockets of the consumer.”

The company’s total funding efforts have reached $30m. Investors in the company include Sun Microsystems co-founder and former CEO Scott McNealy, Best Buy founder Dick Schulze, Crate and Barrel founder Gordon Segal, Google former senior vice president of search Amit Singhal, and McDonalds former CEO Jack Greenberg.

Earlier this week, real estate data and software platform REIX Corporation has closed a Series A funding round. The company hopes to use the capital to support the development and expansion of its products.

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