Purlin Raises Seed Preferred Equity Round to Support Growth of Business
LOS ANGELES, November 11, 2022 (Newswire.com) - Purlin Co. (www.purlin.com) announced today raising an equity round with key financial and strategic investors, including SUM Ventures, New Valley Ventures, an investment vehicle managed by Douglas Elliman (NYSE: DOUG), Redwood Trust Inc. (NYSE: RWT), through its strategic venture investment platform, RWT Horizons, Mission Gate, and Fredrik Eklund and Julia Spillman-Gover, of The Eklund | Gomes Team at Douglas Elliman Real Estate.
"Successfully raising funds in today's market is a proud moment for Purlin and its investors," said Giorgi Chigogidze, Purlin CEO. He continued, "This signals the continued, increasing demand for Purlin's products, and validates our unique approach to providing AI-powered applications to major real estate brokerages and agent networks."
Proceeds will be used to grow Purlin's business, support the success of its existing clients, and expand the geographic footprint of its AI products. Purlin's client- and agent-facing technology is currently powering systems used by Douglas Elliman's 6,600 agents and 46,000 annual clients across the world.
ABOUT PURLIN CO.
Purlin Co. designs, creates, and provides advanced AI-powered technology products for the real estate market. Major brokerages, agencies, lenders, and other companies involved in real estate transactions can use Purlin's products or platform to expand their businesses and create superior client experiences. To learn more, please visit www.purlin.com.
ABOUT DOUGLAS ELLIMAN INC.
Douglas Elliman Inc. (NYSE: DOUG, "Douglas Elliman") owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, Westchester, Connecticut, New Jersey, the Hamptons, Massachusetts, Florida, California, Colorado, Texas and Nevada. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology ("PropTech") solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Additional information concerning Douglas Elliman is available on its website, www.elliman.com.
Investors and others should note that we may post information about Douglas Elliman on our website at www.elliman.com or, if applicable, on our accounts on Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in Douglas Elliman to review the information we post on our website at www.elliman.com and on our social media accounts.
ABOUT SUM VENTURES
SUM Ventures is a veteran-founded seed-stage venture capital firm based in Los Angeles and Chicago. Garrett Gilbertson and Mike Van Kempen founded the firm on the principle that all founders deserve access to mentorship and resources at the earliest stages of their ventures. The SUM servant leadership approach to supporting founders has led to greater access to high-quality startup opportunities, a deeper understanding of portfolio founders, and superior investment returns. To learn more visit www.sum.vc.
ABOUT RWT HORIZONS
RWT Horizons is the strategic venture investment platform of Redwood Trust, Inc. (NYSE: RWT) focused on early and mid-stage companies driving innovation in financial and real estate technology, digital infrastructure, and other related areas of focus. Investments made through RWT Horizons are designed to support companies whose technologies are accretive to Redwood's broader operations, including its residential and business-purpose lending platforms. For more information about RWT Horizons, visit our website at www.rwthorizons.com
ABOUT MISSION GATE
Mission Gate is a global venture capital firm that seeks to create a positive economic impact by investing in great entrepreneurs who disrupt industries and provide solutions to everyday problems. The fund focuses on rapidly growing, emerging industries and innovative, industry-disruptive ideas. Strong expertise in target sectors, global footprint, and relationships allow the Mission Gate team to help portfolio companies realize their full potential. For more information about Mission Gate, visit https://missiongate.com.
ABOUT FREDRIK EKLUND AND JULIA SPILLMAN-GOVER
With record-breaking sales and socks as colorful as his personality, Fredrik Eklund has become an icon in real estate and on Bravo's "Million Dollar Listing" series, appearing as the only cast member to star in both the New York and Los Angeles versions. Co-founder of The Eklund | Gomes Team, co-founded by John Gomes, the dynamic duo has secured over $20 billion in closed sales over the last decade and have become a staple of New York, California, Texas, and Florida real estate. Dubbed "The Mastermind" by The Real Deal, Julia Spillman is CEO of The Eklund | Gomes Team. The Kentucky native is the architect of The Eklund | Gomes Team's unprecedented nationwide expansion and in addition oversees all operations, sales, and agent hires. Consistently ranked on industry hot lists, including The Hollywood Reporter Power Brokers and Variety's Real Estate Elite, Eklund | Gomes continues to sit on the top, bringing in $4.5 billion in transactions in 2021 alone. In 2022, they notched the priciest sale of the year for New York at 432 Park Ave., for $70.5 million, and are taking their momentum to Nevada where they expanded this summer.
Source: Purlin Co.