Press Release
April 22, 2008 (PDF version)
PropertyMaps.com Secures Bridge Funding
High-Growth Company Plans $10 Million Offering in Third Quarter
Sarasota, Fla. / April 22, 2008 - With its broker-centric online real estate search model, PropertyMaps.com has captured the attention of tech-savvy venture capital (VC) firms. After securing bridge funding from Houston-based Merrick Capital, the fast-growing company recently signed a memorandum of understanding to issue a $10 million Series A offering in the third quarter.
“Just as Google transformed the Internet search engine model, PropertyMaps is leading the evolution of the real estate model over the web,” said Jeff Rawson, President, Merrick Capital. “And as a first mover, PropertyMaps is the player to catch in purchasing or selling real estate over the Internet. We believe PropertyMaps has the opportunity to dominate the Internet real estate vertical.”
PropertyMaps.com is a user-friendly, one-stop-shop Web site that allows consumers to quickly search the actual Multiple Listing Service (MLS) databases used by Realtors® nationwide by using popular mapping tools such as Google Maps, Google Earth, and Microsoft Virtual Earth.
“We’ve invested over $2.5 million in the development of our technology and successfully expanded into 25 large metropolitan markets with more on deck,” said company founder and President, J. Matthew Beck. “Now, we’re well on our way to funding our national build-out.”
PropertyMaps currently has 1.3 million listings and expects to reach 2.2 million by the end of June. “Market-by-market, we average 200-300% more home listings than companies such as Trulia and Zillow that can only display data from those who choose to submit listings to them,” said Beck, “which is rarely every listing broker or agent in a given market. We can also display more information about each property, and cover the small towns and rural areas for a true coast-to-coast national real estate search.”
Visitors are also able to access foreclosure or pre-foreclosure homes on PropertyMaps.com, through their newly announced partnership with RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties. PropertyMaps.com even offers a tool to find sexual offenders living in a neighborhood.
“In today’s market, buyers have become extremely sophisticated in doing their comparative shopping,” said Beck. “Because of our comprehensive listings and multiple search options, we are generating a growing volume of repeat traffic, as well as unique visitors who appreciate our consumer-friendly tools and services.”
Since its launch in October 2006, PropertyMaps has signed strategic alliances with major partners in the United States, India, United Kingdom and Latin America, and will continue to expand its international presence with the launch of a formal partner program in 2008.
“We’re extremely fortunate to team up with investors that truly understand how the PropertyMaps business model works,” said Beck, “We’re excited to expand the adoption of PropertyMaps, and help our enterprise customers leverage the power of our technology to reclaim control over searching for properties on the web.”
About PropertyMaps
Using popular mapping tools such as Google Maps, Google Earth, and Microsoft Virtual Earth, PropertyMaps.com enables people to quickly search and easily visualize millions of real estate listings by plotting their locations and local market data free of charge. PropertyMaps.com is the first Internet site to provide map-based access to the authentic Multiple Listing Service (MLS) databases that are used by Realtors® nationwide.
PropertyMaps also delivers the content wirelessly to Internet-enabled phones, PDAs, GPS-enabled and other mobile devices.
Press Release Contact
Allison Moore
(941) 758-4912
amoore@PropertyMaps.com
