"The current real estate market was not built around consumers and it's costing families across the U.S. as much as $100 billion a year, said Mike Chambers, CEO and founder of Ridley. This funding round will allow us to keep building a complete, lower-cost, consumer-led experience. By expanding into the buy-side and introducing new features, we're creating a modern marketplace where both buyers and sellers benefit from real value, instead of losing out on profit from traditional fees."
"Ridley is redefining what a modern real estate transaction should look like, he said. By stripping out unnecessary fees and putting AI directly in the hands of consumers, they are unlocking a level of transparency and efficiency this industry has never been able to deliver. What Mike and his team are building isn't just a better user experience, it's a fundamental re-architecture of the housing marketplace. We're excited to support Ridley as they scale a truly consumer-first model."
Ridley will offer a buy-side experience including private listings, publicly listed homes, and properties predicted to hit the market using predictive analytics. Investment will develop seller products and expand Ridley Preferred Agents offering on-demand, no-commission support. The current real estate market is not built around consumers and can cost U.S. families as much as $100 billion annually. The funding round led by Fifth Wall includes participation from several venture firms and angel investors, including executives from Stripe and Google. Ridley launched in mid-July, generated over $4.6 billion in lead volume, lists over $350 million in private listings, and has sold 57 homes averaging 33 days on market with a 98.3% list-to-sold ratio.
Read at www.housingwire.com
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