Homestore Gets $100M From Elevation Partners

Westlake Village-based Homestore has raised $100M from Elevation Partners, a private equity firm. Homestore said that Elevation has agreed to invest the $100M in the form of convertible preferred stock. As part of the deal, Fred Anderson and Roger McNamee of Elevation will join the board. The convertible stock is worth approximately 14 percent of the company's outstanding shares. Homestore said that it intends to use the proceeds for generate corporate purposes, including strategic growth and acquisitions. Elevation Partners recently spend $300M to purchase BioWare and Pandemic Studios, and includes U2's Bono as a Managing Director.