New York based Real Estate technology company Compass raised $370M in a new "Series G" round of funding. The financing was led by Canada Pension Plan Investment Board, Dragoneer Investment Group, and SoftBank Vision Fund. The latest round brings Compass' total funding to $1.5B to-date. Compass' other investors include IVP (Institutional Venture Partners), Fidelity, Fission Ventures, & Qatar Investment Authority among others.
The latest financing gives the company a staggering $6.4B valuation, which is $2B more from it's previous $4.4B valuation on Sep 27, 2018. Compass is planning to use the money to continue building a software platform to streamline the process of buying and selling homes, that includes investments in cloud, mobile and artificial intelligence, as well as support for a new consumer app expected to launch in August.
Compass was founded in 2012 by Ori Allon and Robert Reffkin, has positioned itself as a real estate firm that uses proprietary technology to give its agents a leg up on the competition. It has also used its deep coffers of venture capital to grow through acquisitions. The company has acquired 14 brokerages and about 4,200 agents since the beginning of 2018, according to real estate tech strategist Mike DelPrete. Those additions helped Compass more than triple its revenue in the second quarter from a year earlier, according to the statement.
Compass delivers an incomparable experience to both agents and their clients all in service of the Compass mission: to help everyone find their place in the world. Its end-to-end technology platform enables customers to search for apartments, schedule visits and apply for properties. The company also provides a real estate listing app for iOS and Android that helps in buying, selling, and renting homes in the United States.