Ojo, a home-listings site aiming to rival Zillow, sells its Canadian operations to Royal Bank of Canada and raises funds from Vista Equity Partners in combined deal of nearly $200 million
The company also raised debt from Vista Equity Partners' credit arm. Ojo Labs, an Austin-based online home listings company, is selling its Canadian operations to the Royal Bank of Canada while receiving a fresh round of debt funding from the credit arm of Vista Equity Partners, according to Ojo CEO John Berkowitz.
The company says it grew substantially with the purchase in 2020 of the listing platform Movoto, which allowed the company to apply its machine-learning and data abilities directly to consumers' online home searches. The timing of the two transactions compares with the company's last fundraising round in the early days of the COVID-19 pandemic, when it raised $62.5 million in a round led by Kuwaiti sovereign wealth fund-backed firm Wafra, Berkowitz said. Proptech valuations have eased in recent months — as they did in early 2020 — making them a better deal for investors who anticipate stronger markets in the months ahead.
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