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Long Ridge Equity Partners provided an undisclosed amount of funding to Neighborhoods.com, LLC this week, according to a press release.
Neighborhoods.com owns and operates websites to help homebuyers find homes, communities and real estate agents.
55places.com helps homeshoppers of at least 55 years old identify active retirement and assisted living neighborhoods around the country.
Neighborhoods.com is a web and iOS app for ranking places to live and matching homebuyers with real estate agents. The press release stated that the new investment “will allow the company to accelerate its growth by supporting additional product development, sales and marketing, and agent services.”
55Places was founded in 2007 to help the growing population of older Americans find and secure housing in retirement communities, and neighborhoods.com came online in 2015.
Bill Ness, CEO and founder of 55places and neighborhoods.com, said in the release that Long Ridge’s history of sound advisement to fast-growing companies made it a good funding partner.
“In addition to their value-add, Long Ridge also shares our cultural values, and I’m confident this investment will best support the company’s growth trajectory,” Ness said.
Users visit the sites to find active listings, review community statistics, area rankings and property photos.
Both websites also give real estate agents the opportunity to broadcast services to shoppers in their respective real estate markets by either becoming a broker under the Neighborhoods.com license or as a market-specific partner agent in areas not serviced by their brokerage.
Agent partners are sent referrals from Neighborhoods.com brokers.
The company’s web page for agent partnerships states that real estate agent partners “must have a current real estate license, clean track record, super fast response time, and excellent customer service skills. You must thoroughly know the neighborhoods and subdivisions you serve.”
Two principals of Long Ridge Equity Partners will be joining Neighborhoods.com, LLC’s board of directors, Angad Singh and Dan Hang. Hang was a senior executive at Trulia and Zillow Group, according to the press release. He is currently president an COO of Revinate, a technology company focused on the hospitality industry.
“They have developed an attractive business model and mission-driven approach to the online homebuying process,” said Singh about Neighborhoods.com. “We’re thrilled to support their talented team in this next phase of significant growth.”
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