Venture Capital News: Compass Nets $75M
NEW YORK, NY, Compass, a technology-driven real estate platform, has closed a new round of funding, company executives announced today.
The new $75 million round, led by Wellington Management Company LLP, comes nearly one year after the company's $60 million Series C financing in September 2015. To date, Compass has raised $210 million in capital.
The round also included new investments from existing key investors including IVP, which led Compass' last round, Thrive Capital, Founders Fund, and 406 Ventures.
'This funding will provide us with additional resources to accelerate our growth into new markets and inject transformative technology to improve the experience for consumers and agents,' said Ori Allon, Founder and Executive Chairman of Compass. 'When it comes to technology, the real estate industry is fragmented and regional systems don't talk to each other. There is no reason the real estate process shouldn't be transparent, convenient, expedient, and intuitive. Compass is aiming to change that.'
Launched in New York in 2013, Compass has rapidly expanded throughout the country in the last eighteen months to Washington DC, Miami, Boston, the Hamptons, Cambridge, Beverly Hills, Malibu, Pasadena, Santa Barbara, and Aspen. The firm plans to open in San Francisco later this fall.
Compass now operates 24 offices nationwide and represents approximately $7 billion in annual sales. This year, REAL Trends/ The Wall Street Journal named Compass' Leonard Steinberg Team the #1 top-producing agent team in the country.
Earlier in 2016, Compass launched the first national real-time market report via a mobile app. Called Compass Markets, the app is designed to replace stale quarterly market reports with up-to-the-minute housing data so consumers and agents can make better real estate decisions. The firm was also the first to offer an agent-only app designed to simplify the entire real estate process through one-stop marketing, property valuation, and open house capabilities. The consumer and agent-facing web and mobile applications combined with the proprietary suite of agent tools bring actionable intelligence to the process of buying, selling, and renting homes.
In addition to unveiling groundbreaking technology, Compass has achieved several milestones in the past year including:
-A national new development division with a $3+ billion pipeline headquartered in New York and Los Angeles
-Launching a global sports and entertainment division catering to the specific real estate needs of celebrities and professional athletes
-Becoming the #4 largest brokerage in NYC, #1 in East Hampton, #3 in DC and #2 in Cambridge by sales volume
-Transacting the 5th largest residential sale in USA history - a $110 million East Hampton estate on Lily Pond Lane
-Compass was founded by Allon, who sold two previous companies to Google and Twitter, and business partner Robert Reffkin, a former White House Fellow and Chief of Staff to Goldman Sachs' President & COO.
Compass is a technology-driven real estate platform dedicated to creating a seamless and intelligent home buying, selling, and renting experience. Combining the country's top agents, proprietary market insights, and integrated mobile and web technologies, Compass is developing the future of real estate decision-making. Compass has locations in New York City, Washington DC, Boston, Miami, Los Angeles, Santa Barbara, the Hamptons, and Aspen, and has raised $210 million in investor capital. For more information on Compass, and to view exclusive Compass properties, visit www.compass.com.
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