Real estate tech firm Compass continues vaulting to new heights, this time raising more than $370 million in funding.
The Series G round brings the New York-based company’s total investments to more than $1.5 billion, and will be used to support its software and expand its product and engineering hubs on both coasts. It also paves the way for a potential IPO in the future, but for now, the company aims to build off its real estate platform’s success.
That includes supporting the launch of its new consumer search and app experience in August, said CTO Joseph Sirosh in a statement.
“This news comes on the heels of incredible momentum in building our platform, and on the verge of launching our revamped search experience, which will help more people find their place in the world,” Sirosh said. “We are accelerating our investments in cloud, mobile and AI to create a revolutionary platform to simplify home selling, buying and ownership.”
Founded in 2012 by Ori Allon and Robert Refkin, Compass set out to build real estate’s first end-to-end software platform for the home-buying and selling experience. Through its platform, home-buyers can connect with 13,000-plus agents from across the country and find up-to-date listings of available homes that suit their preference and buy it.
Meanwhile, home-sellers are able to work with an agent to list their property, and even help them sell it through its Compass Concierge Program. That program stakes homeowners the upfront cost for improvements, like painting, staging and more, to drum up interest in the property.
Since raising $400 million in funding last year, the company has only continued to scale and evolve. They acquired Contractually, a cloud-based customer relationship management system for real estate, hired Sirosh as its CTO and opened its first West Coast product and engineering campus in Seattle. It also tripled the size of its product and engineering team to more than 300 employees. The company now employs more than 2,200 employees across 300 offices.
Those efforts paved the way for three consecutive months of record revenue in its second quarter of 2019. With a revamped product experience on the books for August, odds are the company won’t be sitting still after this round.
This round included a series of new investors and long-time partners, according to the company. Canada Pension Plan Investment Board, Dragoneer Investment Group, Qatar Investment Authority and SoftBank Vision Fund all participated in the round.
