Compass, a New York City-based real estate technology company, has entered the Fort Worth market, bringing with it a powerful end-to-end platform that supports the whole buying and selling workflow. The move comes at the same time that Compass announced a $400 million Series F funding round. The company said that positions it to accelerate its 2020 vision of gaining 20 percent market share in the top 20 U.S. cities by that year, double down on technology, and expand internationally.
The Fort Worth office — currently in a temporary space — joins a large already-established Dallas office to serve North Texas. Compass said that longtime Fort Worth real estate agent John Zimmerman, formerly of Briggs Freeman Sotheby’s International Realty, will be the founding partner of the Fort Worth market.
“This is a game changer and an opportunity that I could not pass up — to deliver an incomparable experience to my current and future clients.”
“I am driven to perform at the highest level for my clients and can easily see the future is with Compass. They are light years ahead with data and technology that takes the agent and consumer experience to another level,” Zimmerman said in a release. “This is a game changer and an opportunity that I could not pass up — to deliver an incomparable experience to my current and future clients.”
Zimmerman has been a top-producing agent in Fort Worth and has closed more than $125 million annually.
Fort Worth joins Dallas, San Diego, Seattle, Philadelphia, and Atlanta as new markets for Compass this year. The company plans to launch in Austin, Nashville, and Houston before year’s end, it said in a release.
Compass has had strong growth since its founding
The company said that its agents “pair data, tech, and design with local knowledge.”
“Real estate is the largest asset class in the world, and we are excited to bring Compass technology to international markets,” Ori Allon, co-founder and executive chairman, said. “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.”
To date, Compass — which was founded in 2012 — has raised $1.5 billion in funding rounds. The real estate industry is a $217 trillion global asset class, but it has been largely untouched by technology, Compass said.
Compass Co-founder and CEO Robert Reffkin recently talked on the CNBC Squawk Box” about the company’s $4 billion valuation and trends in real estate.
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