VC Firm Linked With Roman Abramovich Backs Real Estate Startup RealX
RealX develops an online real estate bulletin board that matches apartments for sale to potentially compatible buyers
Israel-based investment firm AltaIR Capital, in which Russian billionaire Roman Abramovich is a key investor, invested in Israel-based online real estate bulletin board RealX as part of a $1.2 funding round, the company said in a statement.
Founded in 2017 and based in Herzliya, a town in the Tel Aviv metropolitan area, RealX, whose corporate name is Streetwisdom Ltd., develops an online real estate bulletin board. RealX’s system matches apartments for sale to potentially compatible buyers, charging 0.9% commission on successful sales. The company employs 16 people and plans to use the funding to hire additional staff, including marketing professionals and engineers.
Real estate is an outdated market with bad service, co-founder of RealX Aviv Garten said in a phone interview with Calcalist on Tuesday. “We want to reduce the average cost of buying an apartment, our mission is to expand into new markets abroad,” he added.
Herzliya-based AltaIR is an early-stage and seed stage venture capital firm founded in 2010. Israel-based social engagement startup Spot.IM is among AltaIR’s portfolio companies.
In 2015, Mr. Abramovitz bought a hotel in Tel Aviv’s touristic Neve Tzedek neighborhood for $100 million, and according to reports is planning to turn the building into his private Israel residence.
Mr. Abramovich also invests in Israeli startups through London-based investment firm Millhouse LLC, whose portfolio includes Spot.IM, quick-charging battery startup StoreDot Ltd., Video monetization company Anyclip Ltd., venture capital firm iAngels Crowd Ltd., children’s mobile entertainment startup Kidoz Ltd. and Israeli-linked rideshare firm Via.