Zillow, the controversial website that gives value estimates of people’s homes and other real estate info, has raised a significant $30 million of funding, despite the mortgage industry credit crunch.
The Seattle company has now raised a hefty $87 million in total funding during its short lifetime, making it one of the most richly backed of the new era of “Web 2.0″ Internet companies.
The round was led by Legg Mason Capital Management. Previous backers Benchmark Capital, Technology Crossover Ventures and PAR Capital all participated.
Opened in early 2005 by the founders of Expedia, Zillow started out as a portal for information about homes around the country. Over time, it has added on sales components for owners and real estate agents, and also provides a place for buyers to discuss or ask questions about a property.
Only last month, we reported that competitor site Redfin had landed $12 million in funding, led by Draper Fisher Jurvetson. Trulia, the other main player in the Web 2.0 real estate space, pulled in $10 million in May. Terabitz, started by a teenager, raised $10 million in July (our coverage).
Asked whether this most recent funding round has anything to do with the real estate slowdown, chief financial officer Spencer Rascoff told me that there was no relation. Rather, it had to do with the company’s focus on employing plenty of skilled developers and improving the site.
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