Neighborhoods.com, an online brokerage platform for real estate, has received a ‘significant growth capital investment’ from Long Ridge Equity Partners.
The growth-stage investor chose to back Neighborhoods.com due to its rising interest in real estate technology and online marketplaces, it said. Additionally, it believes the company benefits from macro trends such as a shift in consumer research to online and an increasing importance of online marketplaces to connect buyers and sellers.
Neighborhoods is an online real estate brokerage solution for the US, which helps users find a new home and see reviews of the area and research on the local schools. The service, which is also available on mobiles, currently supports 16 US states, including California, Texas, Florida, and Maryland.
As part of the deal, Long Ridge principal Angad Singh will join the Neighborhoods.com board of directors.
Last year, Long Ridge acquired integrated risk management provider ProcessUnity. The company helps financial services and commercial enterprises to automate their onboarding, due diligence, and assessment processes associated with third-party risk management.
Last week, PropTech-focused investor Fifth Wall closed its sophomore fund on $503m and will use the capital to back companies operating across the retail, industrial, hospitality, multi-family, homebuilding, office and brokerage sectors.
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