Startups Venture

Complete Homebuying, Selling Experience: OJO Labs Raises $62.5M, Acquires Movoto

Austin-based OJO Labs closed on a $62.5 million round of funding led by Wafra, the company said Wednesday in a release.

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OJO Labs, founded in 2015, combines human and machine intelligence to provide personalized property recommendations and insights.

Breyer Capital, LiveOak Venture Partners, Royal Bank of Canada and Northwestern Mutual Future Ventures also participated in the new round of capital that gives OJO Labs a total raise of $71.5 million, according to Crunchbase data. The company’s last funding round was a $45 million Series C in March 2019.

“The way people buy and sell homes is changing,” Jim Breyer, founder and CEO of Breyer Capital, said in a written statement. “This evolution has been expedited by recent events, and the real estate industry is on the cusp of something new in the wake of COVID-19. With a clear vision for the future and the technology to back it up, I believe OJO Labs is poised to be a leader in the next era of the homebuying industry.”

In addition to the investment, OJO Labs announced the acquisition of San Mateo, California-based Movoto, a residential real estate search site boasting nearly 24 million monthly visits. The acquisition amount was not disclosed. Movoto is OJO Labs’ third acquisition in the past two years.

Speaking about the acquisition, OJO Labs co-founder and CEO John Berkowitz said Movoto’s search capabilities made them a good fit.

“It is the company’s ability to optimize search based on consumer behavior and engagement that has enabled them to compete with three massive, publicly traded companies while steadily gaining market share since 2018,” Berkowitz said in a written statement.

Illustration: Dom Guzman

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