April 21, 2011
Zillow, America’s third most trafficked real estate website, filed papers to go public this week, beating its biggest rival Trulia to the punch – oh snap.
According to filed documents, Zillow plans to raise about $51 million through its IPO.
Zillow was started by the former founders of Expedia. The company gained initial momentum with its famed Zestimate – a proprietary algorithm that gives instant appraisals of almost any home in America.
With the exception of Realtor.com, Zillow has been the preeminent real estate dot com in America but has recently been fending off fierce competition by fast moving rival Trulia. In March, commenting on Zillow, Trulia CEO Pete Flint told GeekWire.com, “Just a question of time before we overtake them”. Earlier this month, Trulia announced on its blog that it had in fact overtaken Zillow in traffic numbers.
Zillow generated $30.5 million in revenue in 2010, up 74% from $17.5 million in 2009. Zillow has raised a total of $87M in funding to date.
Zillow Files to Go Public, Oh Snap Trulia