T. Rowe Price invests in Redfin

November 14, 2013|By Natalie Sherman, The Baltimore Sun

Portfolios managed by Baltimore-based T. Rowe Price participated in a $50 million mezzanine investment in Redfin, an online real estate brokerage.

The money brings the venture capital funds raised by the 11-year-old firm to almost $96 million. It will go toward new technology, Redfin announced Thursday. Redfin operates in 22 markets including Baltimore.

"Redfin is reinventing the process of buying or selling a home," said Henry Ellenbogen, portfolio manager for T. Rowe Price's New Horizons Fund. "We invest in companies that have the opportunity to grow. We believe Redfin has the real-world service, management team and vision to be much larger."

Other firms involved in the deal included Tiger Global Management LLC, and previous Redfin investors Greylock Partners, Globespan Capital Partners, DFJ Venture Capital and The Hillman Company.

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