The proptech firm plans to use the capital to further support its smart end-to-end real estate platform and grow the company
Movoto Real Estate has announced that global real estate company, Mitsui Fudosan Co., Ltd., has invested $8 million into the proptech firm, making the Japanese real estate company a minority stakeholder in Movoto. The proptech firm plans to use the capital to further support its AI-backed end-to-end property platform and boost company growth.
Movoto.com is a proptech platform supporting over 18 million monthly property searches that connect homebuyers and agents. Mitsui Fudosan is a Tokyo-based global real estate company with $17 billion in annual revenue.
"We have been looking at new platforms for the real estate industry for quite some time. We were extremely impressed by the AI-enabled, end-to-end platform that Movoto has matured over the years to provide for consumers and agents to collaborate so that agents can provide excellent service to consumers."
— Daisuke Yamashita, General Manager of Mitsui Fudosan
Investors are drawn to Movoto because of its impressive year-over-year (YOY) growth. Movoto has seen an uptick in consumer property search, hitting over 70% YOY and is now one of the top five real estate websites for home buying and selling in the United States. Movoto thanks its Movoto platform by Real Estate Agents and Teams and claims to be one of the few proptech companies that is profitable.
"We offer a great experience for consumers, all the way from property search to transaction, and for agents the tools to provide exceptional service to consumers, and this investment from Mitsui Fudosan helps us keep investing in our platform to help accelerate it."
— Movoto CEO Imtiyaz Haque
SOURCE Movoto Real Estate
Edited by V. Haviland
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