Real estate technology startup Compass announced it raised a $100 million Series E investment round that will increase its investment in technology and be used to accelerate expansion across the U.S., including in Dallas.
Fidelity Investments, IVP, Wellington Management, and other global investors participated in the round, the company said in a release. The Series E round brings New York City-based Compass’ total funding to $325 million and its valuation to $1.8 billion.
The new funds will help Compass build a new customer relationship management platform, The Real Deal reported.
“Compass is building the infrastructure data and tools that will power the next generation of this industry.”
Besides Dallas, other cities targeted for expansion by Compass include Atlanta, Austin, Charlotte, Houston, Philadelphia, Phoenix, San Diego, and Seattle. Compass currently operates in 10 regions: New York City, Los Angeles, San Francisco, Boston, Washington, D.C., Miami, Orange Couty, The Hamptons, Santa Barbara and Montecito, and Aspen, Colorado.
“Compass is building the infrastructure data and tools that will power the next generation of this industry,” Ori Allon, Compass founder and executive chairman, said in a release. “This new funding will allow us to double down on our development of technology while fueling continued expansion into all the top real estate markets in the country.”
Allon said Compass’ long-term goal is “to be everywhere as the world’s largest real estate platform.”
TechCrunch reported that Compass is on track to complete 16,000 transactions and more than $14 billion in sales this year, with more than $350 million in annual revenue.
Compass said that over the past 24 months, it saw a 500 percent growth in agents and it will continue to add agents in existing markets.
“The real vision is for Compass to be everywhere.”
“We’re just getting started,” Allon told The Real Deal in a statement. “The real vision is for Compass to be everywhere.”
The Real Deal reported that sources said that Compass’ latest round is a sign that it is looking for a public offering.
“With all that capital raised, all signs are pointing to that direction,” Ashkan Zandieh, founder of property data company Falcon and research firm RE:Tech, told The Real Deal.
Get on the list.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
And, you’ll be the first to get the digital edition of our new Dallas Innovates magazine:
The annual edition publishes in January