Redfin Corporation, based in Seattle, operates a residential real estate brokerage in 95 markets in the United States and Canada and in other markets via partner/referral agents. Its business model includes charging home sellers below-average fees of 1.5% of the sales price of a property, in addition to fees to the buyer's agent (usually 2.5% of the sales price of a property). In 2021, the company had a 1.17% market share in the United States by value. The company name is an anagram of the words "finder" and "friend". History Redfin was founded in 2004 by David Eraker, Michael Dougherty, and David Selinger. Eraker had dropped out of medical school at the University of Washington for a career in software design and Dougherty received degrees in electrical engineering and international studies from Yale University. David Selinger, an alumnus of Stanford University who had previously led the research and development arm of Amazon's data mining and personalization team, joined Redfin as the third founder and CTO. Selinger helped build Redfin's mapping and real estate data analytics engine. Redfin's website showed available homes on a map, which was a new concept at the time. In January 2006, Redfin raised a $1.25 million Series A round from Madrona Venture Group and named Glenn Kelman as CEO. In May 2006, Redfin raised $8 million in Series B funding from Vulcan Inc., the investment arm of Microsoft co-founder Paul Allen. In May 2007, Redfin was fined $50,000 by the Northwest Multiple Listing Service, and was forced to shut down reviews of homes on the market on its website, prohibited under multiple listing service rules. In July 2007, Redfin raised $12 million from Draper Fisher Jurvetson. In November 2009, Redfin raised $10 million from Greylock Partners. In May 2010, Redfin won the Seattle 2.0 award for "Best Startup". Redfin began an automatic agent rating system in 2012; after it drew criticism for using inaccurate data, the system was discontinued. In November 2013, Redfin raised $50 million in a mezzanine round led by T. Rowe Price and Tiger Management, bringing its total venture funding to slightly over $96 million. In October 2014, Redfin acquired Walk Score. In December 2014, Redfin raised $70.9 million from Wellington Management, Glynn Capital Management, Brothers Brook, Annox Capital Management, and previous investors Tiger Global Management and T. Rowe Price. In June 2017, the company began buying and selling houses directly under the