RealtyTrac has obtained a substantial capital investment from Renovo Capital LLC through the private equity firm’s Renwood Opportunities Fund. RealtyTrac said this infusion will provide the capital necessary to fund growth and nurture expansion into untapped areas of the market.
Moving forward, RealtyTrac said it will focus on expanding its data collection capabilities and footprint while improving the user experience on its website and developing new products to enhance its value proposition for individuals, investors and real estate professionals.
Brandon Moore will assume the role of chief executive officer. Moore successfully led the expansion of several online ventures and has specific expertise in subscription-based marketing. He was most recently the senior vice president and general manager of One Technologies, where he was instrumental in growing the company’s annual revenue exponentially over a four-year span.
RealtyTrac’s co-founder, James Saccacio, will continue to help shape the company’s future as a member of the RealtyTrac board and as an executive advisor.
“I am excited to move forward with this venture as it will empower RealtyTrac to better serve its customers, providing them with a wider data reach, more robust foreclosure search and real estate research capabilities, and an enhanced user experience,” Saccacio said. “With this capital infusion, RealtyTrac’s leadership can expand on its core competencies of collecting, analyzing and democratizing the availability of U.S. foreclosure data. We have identified just the right investor to partner with, and the timing of this investment is well synched with our plans for maintaining RealtyTrac’s reputation as a go-to company that exceeds the needs of its customer base and addresses the exciting challenges the dynamic real estate market presents.”
“We are pleased to complete this transaction and continue working with RealtyTrac’s management team to preserve and expand upon this widely respected brand,” said Mark Barbeau, managing partner for Renovo. “This company is a valuable resource to real estate professionals, investors and financial institutions alike, as well as for various organizations within the public sector.”