Irvine-based Auction.com, an online real estate auction company, reportedly received a $50 million investment from Google Capital, an investment arm of the Internet giant.
“This will give us an opportunity to tap into their deep expertise in digital marketing and mobile, as well as in building world-class products,” Jeff Frieden, Auction.com’s cofounder and chief executive, said in a news release. “And we believe that having Google Capital’s support will help us expand our industry leadership, and carve out a bigger share of the global real estate market.”
David Lawee, a partner at Google Capital, said Auction.com can fundamentally change how real estate, and particularly commercial real estate, can be bought and sold, leveling the playing field for smaller investors.
