Bengaluru: Compass, a real estate technology platform, successfully closes its $50 million series C funding round led by Institutional Venture Partners (IVP). Its existing investors – Thrive Capital, Founders Fund, 406 Ventures, Advanced Publications, Inc., Kenneth Chenault (CEO, American Express) and Marc Benioff (Founder & CEO, Salesforce.com) also made significant contributions to the funding round.
Till date, the company has raised over $120 million in four fundraisings; the previous one being in July last year when it had raised $40 million in its series B round from 406 Ventures, Advance Publications, CLI Ventures, Founders Fund, Marc Benioff and Thrive Capital.
“This new funding will enable us to accelerate our expansion into additional markets, bringing our best-in-class technology to new agents and clients. The additional capital will also allow us to build out our industry leading engineering, product and design teams, which is a testament to our company’s commitment to long-term growth,” says Ori Allon, Founder & Executive Chairman, Compass. “We are excited to partner with Institutional Venture Partners, which has a long track record of success helping disruptive technology companies like Dropbox, Kayak, Snapchat and Twitter scale and become leaders in their field,” he added.
Speaking about the new investment, Todd Chaffee, General Partner, IVP, says, “Compass has developed exceptional technology to improve the real estate experience and is led by a talented management team, whose vision and commitment to innovation has quickly established the company as a leader in the market. We are excited about their long-term strategy and are proud to partner ith Compass as it continues its rapid expansion”.
Headquartered in New York, Compass was founded in 2012 by Mike Weiss, Ugo Di Girolamo, Ori Allon and Robert Reffkin. It is a real-estate brokerage firm that uses technology to enable the real-estate agents and their clients to streamline & transform the process of finding a desired property. It is the first residential brokerage firm in the U.S. to operate an app exclusively for its agents, in addition to the company’s integrated web and mobile platforms.
Last month, the company launched its services into the Southern Florida market by opening its new branch in Miami and is currently planning to enter new markets like Atlanta, Boston, Chicago, Dallas, Houston, LA, Philadelphia and many more. Since its inception, Compass has doubled its real estate listings in New York to over $1 billion, securing $2.5 billion in new development projects and also claims to have increased its agent population to over 100% this year.