Compass plans to use the money to expand into new locations and improve its technology for analyzing the real estate market.
New York City – Sept 01, 2016. Rednewswire/-
Compass is a tech-driven real estate brokerage firm that puts technology at the fingertips of their in-house agents and clients to streamline and transform the process of finding a home.
New York City-based real estate listings startup raises $75 million in a Series D funding round led by Wellington Management Company LLP, Founders Fund including venture capital firms Institutional Venture Partners and Thrive Capital.
The company aims to make real estate transactions more transparent and convenient through an online service. It has currently around 350 employees, has 24 offices across the U.S. Currently operates only in the New York and plans to expand in San Francisco and other cities.
Compass’s agents helps the buyer through out the life cycle of owning a property from discovering properties to sealing the deal, along with the paper works.It has an elite team of real estate, technology and business professionals
The company has previously raised $50 million Series C financing in September 2015 led by Institutional Venture Partners (IVP). By the newly raised funding Compass earns its status in “unicorn” , the title reserved for startups that reach $1 billion-plus valuations.
As people buy, sell and rent properties on the site, Compass takes a small percentage of the proceeds. About $7 billion in sales run through the site annually, the company said.
This funding will provide the company with additional resources so that it can grow into new markets and “inject transformative technology” to improve agent and customer experience, said Ori Allon Compass founder and executive chairman
“The fundraising market right now is not great, but I think our performance has been very consistent. We’ve been growing very quickly,” Allon added.