LOS ANGELES, Nov. 5, 2015 /PRNewswire-USNewswire/ -- Compass, a tech-driven luxury real estate platform, is expanding again, opening its first office in Southern California, company executives announced today. So far, 19 top agents have joined Compass from various established brokerages in the LA market.
"Compass's unique technology platform enables our ability to rapidly scale in a way no other real estate brokerage has been able to accomplish," added Ori Allon, Compass Founder & Executive Chairman.
The expansion to Los Angeles comes less than two months after the company's latest $50 million funding round, led by Institutional Venture Partners, which has investments in leading technology companies including Dropbox, Kayak, Snapchat and Twitter. The round, which brings total capital raised to $125 million, also included new investments from existing key investors including Thrive Capital, Founders Fund, 406 Ventures, Advance Publications, Inc. (the parent company of Condé Nast), Kenneth Chenault, CEO of American Express and Marc Benioff, Founder and CEO of Salesforce.com.
"Los Angeles remains one of the most sought after residential real estate markets in the world and presents a tremendous opportunity for Compass to continue to grow and succeed," said Robert Reffkin, Founder and CEO of Compass. "We are proud to welcome all of our new agents, and look forward to giving them unmatched support as we build an exceptional team on the West Coast."
Compass's Los Angeles office is located at 9560 Wilshire Blvd in the heart of Beverly Hills. Leanne Rogan, formerly the VP of Marketing at Douglas Elliman, will be heading marketing efforts for Compass in Southern California. "I was drawn to Compass because their innovative technologies, in-house tools, and level of support are unmatched. Agents have a voice at Compass, and that's invaluable in this industry," said Rogan.
The company's proprietary technology brings actionable intelligence and transparency to real estate, empowering both the consumer and the agent to make decisions smarter and faster. The company continues to develop tools within a mobile workspace that saves agents and clients hours of time by bringing greater efficiency to the process of finding a home. As a testament to its value, the company's mobile search app is the #1 downloaded and top rated real estate app in New York, and soon to be Los Angeles.
Last month, Compass announced a first-of-its-kind real-time residential market report that puts up-to-the-minute insights and comparative housing analytics into the hands of agents and consumers with the launch of a new mobile app. Unlike traditional quarterly market reports, "Compass Markets" eliminates the industry-wide data reporting challenge by offering statistical data that updates anytime, anywhere. The app rolls out with housing data for Manhattan and Brooklyn, and will soon scale to additional markets where Compass operates including Los Angeles.
Leading the Compass product creation team will be Christina Allen, who recently joined the company after spending five years as the director of product management at LinkedIn. Allen will be focused on new data technology metrics for the Los Angeles market.
After launching in Manhattan in 2013, Compass quickly began opening offices in other markets including Brooklyn, Washington D.C., Miami, Boston and the Hamptons. The company plans to bring its scalable and proprietary technology to additional cities in the coming months.
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, Los Angeles, Washington DC, Boston, Miami, and the Hamptons, and has raised $125 million in investor capital. For more information on Compass, and to view more than $1 billion in exclusive Compass properties, visit www.compass.com