The real estate entertainment and media platform co-founded by “Million Dollar Listing Los Angeles” star Josh Flagg landed a new capital infusion.
Estate Media closed on a $1 million seed round, bringing its total raised to date to $2.7 million.
The latest raise is backed by some big names, including Tinder co-founder Justin Mateen and his brother Tyler Mateen, along with Mikey Heyward, CEO of private equity firm Media Lab.
Several of Flagg’s peers at Compass, where he is an agent, are also part of the investor mix. That includes Tracy Tutor, Chad Carroll in Miami and New York team Hudson Advisory. There’s also George Laughton of My Home Group in Arizona.
The Mateens and Heyward will take seats on Estate Media’s advisory board.
Flagg said the lack of a “media ecosystem to match [real estate’s] cultural impact” was the hole Estate Media has sought to fill.
Now armed with fresh capital, Estate Media plans to expand globally via a partnership with Arrow Global, an asset management firm that’s aimed at helping U.S. buyers find homes in Portugal, Spain and Italy. A content deal has also been struck with industry trade publication HousingWire.
The company also confirmed it has generated in excess of $6 million in revenue since its founding and now counts 30 million followers as it laps two years in business. The disclosure marks the first time the company has offered details around its financial performance.
Griff O’Brien, Estate Media co-founder and CEO, told The Real Deal the company turned profitable this quarter, and revenue is expected to reach eight figures next year.
Flagg and O’Brien, along with Andrew Shanfeld of private equity firm Carolwood LP, launched Estate Media as a platform aimed at industry professionals and consumers.
The business launched with $1.7 million from Upstate Shredding CEO Adam Weitsman, Powershouse Capital, Morning Brew CEO Austin Rief and Scriber founder co-founder Brian Goldsmith.
The company has tapped high-profile agents, including Flagg and Tutor, to create original shows. Estate Media also offers agents an accelerator program aimed at helping them build their personal brands.
Estate Media said it expects the social accelerator program to have annual recurring revenue in the seven-figure range by the end of the year.
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