Auction.com, an online marketplace for foreclosed houses and commercial real estate with nearly $20 billion worth of transactions over the past four years, was valued at $1.2 billion in a deal for Google Capital to invest $50 million. The Irvine, Calif.-based company is a bit of a quiet giant, with 900 employees and only secondary financing (where existing shareholders sell stock) prior to this round, having subsisted on profits from taking a fee of up to five percent of property sales.
This article originally appeared on Recode.net.
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