Compass Announces $400 Million in Series F Funding
Investment will further national growth, deepen technology advancement and launch international expansion
NEW YORK, Sept. 27, 2018 /PRNewswire/ -- Compass, a real estate technology company, today announced a $400 million Series F financing round; capital that will enable the company to expand internationally, continue to fuel its growth across the U.S, and increase its investment in technology to further empower Compass agents and their clients. This round is led by the Softbank Vision Fund and Qatar Investment Authority (QIA), with participation from Wellington, IVP and Fidelity. This investment will bring the total capital raised to nearly $1.2 billion.
Since its founding in 2012, Compass has been committed to revolutionizing the real estate industry, reducing the friction associated with selling, buying, or renting a property by providing real estate agents with a set of powerful tools to increase efficiency and sales volume.
In 2018 alone, Compass more than tripled their agent population to over 7000 to-date, and launched in key major markets including San Diego, Dallas, Seattle, Philadelphia and Atlanta, with plans to launch in Austin, Nashville and Houston before the end of the year. Compass is on track to hit over $34 billion in sales volume this year, more than doubling their 2017 sales volume of $14.8 billion. Last month, Compass became the #1 independent brokerage in California after announcing their acquisition of Pacific Union International.
The $400M Series F round positions Compass to:
- Accelerate its 2020 vision of gaining 20% market share in the top 20 cities in the U.S. by 2020
- Double down on technology: Compass plans to continue launching new products and initiatives, creating one platform for the real estate industry
- Expand internationally
"Real estate is the largest asset class in the world, and we are excited to bring Compass technology to international markets," said Ori Allon, Founder and Executive Chairman of Compass. "Our incredible track record of growth in the U.S. validates our vision and sets us up for the global stage. The support of our investors will strengthen the Compass mission to help everyone find their place in the world by advancing our national and global expansion and continue building our agent productivity platform through technology and innovation."
"Compass's continued growth is being driven by their commitment to empowering agents with best-in-class technology that helps them expand their business and better serve consumers," said Justin Wilson, SoftBank Investment Adviser's board representative. "We're excited to continue to support Compass as they further invest in their data and technology capabilities to create a next generation platform for home transactions and ownership."
"We believe Compass is well positioned in the real estate brokerage sector driven by technology. We look forward to partnering with Compass and existing shareholders in the next stage of the company's growth. Our investment marks QIA's ongoing commitment to investing in high quality technology, media and telecommunications assets," said a spokesperson for QIA.
About Compass
Compass is a real estate technology company with a powerful end-to-end platform that supports the entire buying and selling workflow. We deliver 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. Founded in 2012 by Ori Allon and Robert Reffkin, Compass operates in major markets across the United States including: New York, Los Angeles, Orange County, Chicago, San Francisco, Seattle, Philadelphia, San Diego, Washington, D.C., Dallas, Atlanta, Boston, Miami, Westchester, Santa Barbara and Montecito, The Hamptons and Aspen. Learn more and find your place at compass.com/careers.
SOURCE Compass
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