- Companies
- REX Real Estate Exchange
REX Real Estate Exchange Funding, Investors & Competitors
REX Real Estate Exchange has raised $136M across 6 funding rounds, most recently a $25M undisclosed-stage round in May 2020.
Last REX Real Estate Exchange funding round
$25M
Undisclosed stage · May 2020
Cumulative funding REX Real Estate Exchange raised
$136M
across 6 funding rounds
Key investors in REX Real Estate Exchange
Amit Singhal
Scott McNealy
Gordon Whyte
Richard M. Schulze
Counterpart Advisors
Lion Capital
Jack Greenberg
About REX Real Estate Exchange
REX Real Estate Exchange operates a digital platform bypassing the MLS for home listings, searches, and purchases. Los Angeles-headquartered, it uses proprietary data analytics to match buyers and sellers, offering full-service brokerage at a 2% commission rate. The technology streamlines transactions across major U.S. markets including California, Texas, and Florida.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission, Subscription
REX Real Estate Exchange Funding History
REX Real Estate Exchange has raised a total of $136M across 6 funding rounds.
REX Real Estate Exchange's first fundraising round was a $4M seed round in June 2015. The most recent completed round was a $25M undisclosed-stage round in May 2020.
REX Real Estate Exchange funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2020 | Undisclosed stage | Lion Capital (lead) | $25M | REX is a licensed residential real estate brokerage based in Austin, Texas that uses AI and big data to streamline home buying and selling. The company raised $25 million from London-based Lion Capital in May 2020 in exchange for a minority stake. This investment followed REX's Series C round of $45 million in January 2019 and a C1 add-on of $40 million in November 2019, bringing total capital raised to approximately $140 million by the time of the Lion Capital investment. The company demonstrated strong growth metrics in 2019, with listings growing approximately 160 percent and revenue surging 180 percent year-over-year. Lion Capital's investment was announced during a period of accelerated demand for REX's services, driven by the COVID-19 pandemic. From January to April 2020, REX reported helping consumers move three times more homes into escrow compared to the same period in 2019, with virtual tours surging 1,000 percent as buyers sought safe options to shop for homes. For a quarter of homes in escrow during this period, buyers completed transactions using only virtual tours. |
| Nov 2019 | Series C | Scott McNealy; Richard M. Schulze; Amit Singhal; Gordon Whyte | $40M | REX Real Estate Exchange is an Austin-based online residential real estate brokerage leveraging AI, big data, machine learning, and data science to price homes accurately and target them to qualified buyers via platforms like Zillow, Google, Facebook, and Trulia. It operates a salaried agent model with a total transaction commission of 2%, significantly lower than the traditional 6%, aiming to reduce costs and stress in home buying and selling while offering services like escrow, titling, mortgages, and insurance. Founded in late 2015 in Southern California, the company relocated its headquarters to Austin and expanded from initial markets in California, Texas, New York, and New Jersey to 23 cities across 17 states by late 2019, including Oregon, Florida, Illinois, Pennsylvania, Washington D.C., Arizona, Nevada, Virginia, Maryland, and Massachusetts. On or around November 20, 2019, REX closed a $40 million Series C1 funding round, described as an add-on to its prior $45 million Series C from January 2019, bringing total funding to over $115 million since inception. Traction in 2019 included listings and revenue up 300% year-over-year (following 150% growth from 2017 to 2018), on track to list ~3,000 homes for the full year, and cumulative home sales volume exceeding $2 billion since launch, saving customers over $16 million in fees compared to traditional brokers. REX also commits to building one new home for a disadvantaged family per 50 homes sold. The company positions itself as disrupting a stagnant industry by prioritizing consumer value over high commissions, operating in a competitive real estate tech landscape with other VC-backed platforms. |
| Jan 2019 | Series C | - | $45M | REX Real Estate Exchange is a tech-enabled residential real estate brokerage founded in 2014 in the Los Angeles area, later moving to Austin, Texas. It uses artificial intelligence, big data, machine learning, and data science to price homes accurately and target them to qualified buyers via platforms like Zillow, Google, Facebook, and Trulia. The company operates outside traditional multiple listing services (MLS), charging a flat 2% commission to sellers—significantly lower than the standard 5-6%—to save costs for buyers and sellers while providing a streamlined, consumer-focused experience. On January 22, 2019, REX closed a Series C funding round raising $45 million, bringing its total funding at that point to $75 million including prior rounds. The funds were earmarked for national expansion into new markets, enhancing its technology and analytics stack, and adding services like mortgage, insurance, and escrow. This followed a Series B of $15 million in 2018 and preceded additional Series C extensions, including $40 million in November 2019 (totaling over $110 million by then) and further rounds up to $135 million across six rounds by 2022. Around the 2019 funding, REX reported strong traction: listings grew 300% year-over-year, homes represented cumulatively valued over $2 billion since late 2015 launch, and it saved customers more than $12-16 million in fees compared to traditional brokers. The company operated in 23 cities across 17 states by late 2019, positioning itself to disrupt the outdated real estate industry with technology akin to ride-hailing innovations. Investors included notable figures like Scott McNealy and later Ken Griffin. REX emphasized its social impact, committing to build a new home for a family in need for every 50 homes sold. |
| Jan 2018 | Series B | Scott McNealy; Richard M. Schulze; Amit Singhal; Gordon Whyte; Counterpart Advisors; Jack Greenberg | $15M | - |
| Jul 2016 | Series A | - | $7M | - |
| Jun 2015 | Seed | - | $4M | REX Real Estate Exchange is a licensed residential real estate brokerage launched in late 2015 that uses AI, big data, and machine learning to enable home buyers and sellers to transact at a flat 2% fee, bypassing traditional MLS and brokers. The platform initially operated in Southern California and New York, with plans for nationwide expansion. REX had raised an undisclosed seed or Series A round prior to its January 2018 Series B of $15M, bringing total funding over $30M at that point, backed by investors including Scott McNealy, Dick Schulze, Gordon Segal, and Amit Singhal. Subsequent rounds included a $45M Series C in January 2019, totaling $75M, and further investments up to $140M by 2020. |
Who has invested in REX Real Estate Exchange?
7 investors have backed REX Real Estate Exchange across its funding rounds, including Amit Singhal, Scott McNealy, Gordon Whyte, Richard M. Schulze, Counterpart Advisors and Lion Capital.
Lead investors include Lion Capital.
REX Real Estate Exchange Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jan 2018 | ||
| 2 | Participant | Jan 2018 | ||
| 2 | Participant | Jan 2018 | ||
| 2 | Participant | Jan 2018 | ||
| 1 | Lead | May 2020 | ||
This data is available for Pro users. Sign up to see all 7 REX Real Estate Exchange investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialREX Real Estate Exchange Competitors
REX Real Estate Exchange competitors include listed companies like CoStar Group and Real Brokerage, and private ones like Loft, HomeLight, Flyhomes and Street Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.2B | $183M | $12B | 3.3x | ||
| Private | - | - | $2.9B | - | ||
| Private | $300M | - | $1.7B | 5.7x | ||
| Private | - | - | $800M | - | ||
| Publicly listed | $2B | ($6M) | $638M | 0.2x | ||
| Private | - | - | $266M | - |
REX Real Estate Exchange Public Comps
REX Real Estate Exchange is still privately-owned, but its public comps include CBRE, Sumitomo Realty & Development, KE Holdings, Swire Properties, Vonovia, JLL, Swiss Prime Site, CoStar Group, Bentley Systems and Plaza.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $41B | $2.5B | 1.2x | 1.1x | 19.8x | 13.6x | |||
| $6.8B | $2.6B | 6.5x | 6.6x | 17.0x | 18.0x | |||
| $14B | $734M | 0.9x | 1.0x | 17.7x | 10.6x | |||
| $2B | $152M | 11.2x | 9.9x | 150.4x | 19.1x | |||
| $6.1B | $4.4B | 11.3x | 17.4x | 15.7x | 21.6x | |||
| $26B | $1.3B | 0.7x | 0.7x | 13.7x | 11.1x | |||
| $672M | $499M | 29.4x | 32.2x | 39.6x | 32.8x | |||
| $3.2B | $183M | 3.6x | 3.3x | 64.6x | 16.8x | |||
This data is available for Pro users. Sign up to see all REX Real Estate Exchange competitors and their valuation data. Start Free Trial | ||||||||
Common questions about REX Real Estate Exchange
| When was REX Real Estate Exchange founded? | REX Real Estate Exchange was founded in 2014. |
| Where is REX Real Estate Exchange headquartered? | REX Real Estate Exchange is headquartered in Los Angeles, CA, United States. |
| Is REX Real Estate Exchange publicly listed? | No, REX Real Estate Exchange is a private, VC-backed company. |
| How much funding has REX Real Estate Exchange raised? | REX Real Estate Exchange has raised $136M across 6 funding rounds. |
| What was REX Real Estate Exchange's last funding round? | REX Real Estate Exchange's last funding round was a $25M undisclosed-stage round in May 2020, led by Lion Capital. |
| Who are REX Real Estate Exchange's investors? | REX Real Estate Exchange's investors include Scott McNealy, Richard M. Schulze, Amit Singhal, Gordon Whyte, Lion Capital, Counterpart Advisors and Jack Greenberg. |
| Which companies are comparable to REX Real Estate Exchange? | Companies comparable to REX Real Estate Exchange include CoStar Group, Loft, HomeLight, Flyhomes, Real Brokerage and Street Group. |
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