Real Estate Tech Startup REX Completes $45 Million Series C
REX, the first licensed residential real estate brokerage to use AI and big data to circumvent the MLS real estate agent model, secured $45 million in Series C funding. To date, the company has raised $75 million from prominent private investors including McNealy, Dick Schulze, founder of Best Buy, Gordon Segal, founder of Crate and Barrel, Amit Singhal, former SVP of search at Google, Diana Nelson, chair of Carlson, Jack Greenberg, former CEO of McDonald’s, and Muneer Satter, chairman of Satter Investment Management.
According to the company, REX reduces the complexity and stress of home buying and selling while saving consumers an average of 60 percent on what they would pay a traditional agent. REX offers a fixed two percent commission covering both sides of the home buying transaction and a professional team handling everything from listing to close, including escrow, titling, mortgages and insurance shopping.
The company plans to use the Series C proceeds to accelerate REX’s national expansion and add to its service offerings.