Zillow Director and Venture Capitalist Jay Hoag has revealed his firm Technology Crossover Ventures (TCV) last weeek made an investment in the US Nasdaq-listed online real estate business.
TCV last Thursday and Friday purchased 700K Class C Zillow shares in the company through its Mariner Investor II fund.
Prices ranged from $19.49-$20.25 with a total purchase price of $13.8 million. (source: InsiderInsights.com)
The vote of confidence, which resulted in an upward surge in trade for Zillow comes after the online real estate leader had been trading far below its 2014 highs around the time of the aborted Trulia deal, on a split-adjusted basis.
The Class C shares are up 21 per cent.
Zillow posted mixed Q4 results and sales guidance on February 11, 2015 with EPS hurt by $8.1 million in News Corporation litigation expenses.
The news comes following the loss of billionaire James Packer as a key investor in the business.
Packer, who took a $330 million stake in Zillow in 2013 divested 59 per cent of his Class A Zillow shares between September 30 2015 and the end of the calendar year and 65 per cent of his Class C shares in the same period.