BELMONT, CA—Auction.com has promoted Jake Seid to co-president. Before joining the company in  2011, Seid worked as managing director at Lightspeed Venture Partners where he was part of the investment committee that focused both in the United States and abroad.

“In the short time Jake has been with Auction.com, he has contributed significantly to both our strategy and operational execution,” said Jeff Frieden, co-founder and co-CEO of Auction.com, in a statement.  “He was also the driver behind establishing our Silicon Valley presence and the strong executive talent we've recruited there.”

Auction.com has also opened an office in Belmont, Calif. as a way to reach talent in the Silicon Valley.

"Real estate transactions have largely been conducted in the same manner for decades and the industry is ripe for technology-driven change," Seid said. "We established a Silicon Valley presence to attract the top-tier talent we need to drive our strategy to revolutionize the online sale of commercial and residential assets."

Irvine, Calif.-headquartered Auction.com has sold more than $20 billion since 2007 and is considered the nation’s leading online real estate marketplace.