We have spotted two big-money funding rounds this week, one worth $15 million and another worth a whopping nine figures.   Colorado-based Fintech Backflip raises $15 million U.S.-based fintech and proptech Backflip, an all-in-one real estate and financial technology platform for real estate entrepreneurs, has raised $15 million in Series A funding in a round led by FirstMark Capital. The firm has now raised $95 million in cumulative equity and debt. Backflip operates a platform that allows members to efficiently manage their investment pipelines, secure funding, and grow their real e ..read more

After last week's hilariously short product roundup, which needed to be combined with two other roundups to be worth publishing, this week's roundup makes up for last week's lack of updates. There's something for everyone this week from Europe to the US, Japan, the Middle East, and Australia! We'll start in Italy...   Idealista and Tecnocasa team up in Italy Spain's market-leading portal Idealista, which also operates as a highly competitive challenger in Italy, has teamed up with real estate franchisor Tecnocasa Group in a strategic partnership to yield commercial opportunities and value ..read more

Rightmove has released a trading update reiterating its full-year revenue and margin guidance ahead of today's AGM. Highlights include: Estate agency membership increased by circa 250 since the end of 2023 Full-year revenue guidance unchanged, at +7-9% on 2023 Full-year underlying operating margin guidance unchanged, at 70% Customer numbers are expected to grow by up to +2% in 2024 (was previously expected to be a slight decrease) ARPA growth updated to +£75-£85 on 2023’s £1,431, reflecting the change in customer mix, as outlined above Johan Svanstrom, CEO at Rightmove, said: "Overall, we c ..read more

Portal giant REA Group posted typically strong performance in its Q3 2024 financial results posted this week. Highlights include: Group revenue of A$334 million rose 24% Year-on-Year Operating EBITDA was A$177 million, up 30% YoY Revenue from core operations for the nine months to 31 March 2024 surpasses A$1.6 billion REA India achieved revenue growth of 31% YoY REA Group operates realestate.com.au, the clear market leader in Australia and one of the biggest portals in the world. Traffic to the site reached 130 million visits per month in Q3, with the Group claiming that 52% of users exclusi ..read more

Redfin, the NASDAQ-listed technology-enabled brokerage in the United States, has released its Q1 FY2024 financial statements, with market conditions being blamed for a stuttering first three months of the year. Highlights include: First revenue was up 5% year-on-year, to $225.5 million Net loss was $66.8 million, widening 9% YoY Quarter on quarter losses more than doubled Adjusted EBITDA loss was $27.6 million, compared to $63.6 million in 2023. Glenn Kelman, CEO at Redfin, said: "Market conditions recently got worse, but Redfin got better in the first quarter of 2024. "Each of our business ..read more

Redfin will pay $9.25 million as part of a settlement agreement reached with home seller plaintiffs in the class-action lawsuit known as Gibson. Redfin was not part of the NAR settlement approved in April, but is one of 88 brokerages that have the option to opt into the settlement until the deadline of June 18. Several other brokerages named in the Gibson lawsuit have already agreed to settle. Glenn Kelman, CEO at Redfin, said: "As the only U.S. brokerage that has saved consumers more than $1.5 billion in fees, Redfin never belonged as a defendant in this litigation, and we’re glad to ha ..read more

The UK's number-two portal Zoopla will push its marketing to the next level this summer with an advertising campaign designed to fight off a "revitalised" OnTheMarket. Zoopla has launched an eight-week campaign that it says will "saturate" popular events including the Euros and FA Cup finals across television, social media and YouTube. The campaign also includes regional marketing in "high-performing regions of the North West and West Midlands" on radio, OOH advertising and Zoopla-sponsored taxis. Zoopla has increased its marketing spend for 2024 by 41%, which the firm claims will see an uplif ..read more

Russian real estate marketplace Cian has announced its Q4 2023 and full-year financial results. Highlights for the fourth quarter include: Revenue increased by 37% Y-o-Y to RUB 3,270 million ($36.5 million). Profit for the period amounted to RUB 265 million ($3.0 million). Adjusted EBITDA increased by 28% YoY and reached RUB 749 million ($8.4 million). Adjusted EBITDA Margin decreased by 1.6% YoY, to 22.9%. Core Business revenue increased by 29% YoY to RUB 2,998 million ($33.4 million).   Highlights for the full year include: Revenue increased by 40% YoY to RUB 11,571 million ($129.0 m ..read more

Scout24, the Berlin-based operator of Germany's market-leading portal ImmoScout24, has released its Q1 financials results. Highlights include: Q1 revenues increased 11.7% year-on-year, to €136 million (USD 146 million) Ordinary operating EBITDA increased by 16.5% Ordinary operating EBITDA margin increased by 2.4%, reaching 58.4% The "Private" segment recorded revenues of €38.1 million for the quarter   Scout24 has made waves with its "Professional" and "Private" segments in recent years after shifting its model to prioritise subscription revenues from everyday users. The Professional se ..read more

One of the United States' last remaining iBuyers, Opendoor Technologies (Opendoor) has released its Q1 results for the 2024 financial year, citing its resilience and some promising growth metrics. Highlights include: Revenues year-on-year dropped by 62% from Q1 2023, to $1.18 billion Net losses also widened, by 7.9% to $109 million However, revenues exceeded expectations by 8.8% Projected EBITDA losses for Q2 2024 have been adjusted, now forecasting a contribution profit of $75M-$85M Acquisition volumes nearly doubled Year-on-Year Despite some flattening, losses and revenue drops continue to ..read more