Northwestern Mutual and RBC invested in a $62.5m round for eal estate services platform Ojo that funded the acquisition of Mitsui Fudosan-backed Movoto.
US-based real estate chatbot developer Ojo Labs received $62.5m yesterday from investors including financial services firms Royal Bank of Canada (RBC) and Northwestern Mutual.
The round was led by investment firm Wafra and included Breyer Capital and LiveOak Venture Partners, while Northwestern Mutual invested through its Northwestern Mutual Future Ventures unit. Wafra’s chief information officer, Russell Valdez, has joined the company’s board of directors in connection with the round.
In addition to the funding, Ojo announced it has acquired Movoto, a US-based online real estate brokerage that secured $8m in funding from real estate developer Mitsui Fudosan in November 2019.
Ojo has built a virtual assistant that uses artificial intelligence to guide realtors and homebuyers through the process of selling and buying properties. The acquisition of Movoto will help it scale its business and bring its technology to additional customers.
Relocation services provider Realogy took part in a $45m series C round for Ojo in March 2019 together with RBC, Northwestern Mutual Future Ventures and LiveOak Venture Partners.
The same four investors contributed to Ojo’s $20.5m series B round in mid-2018 alongside residential services provider ServiceMaster and Silverton Partners, the latter having joined LiveOak for a $5.9m series A round in 2016.
