(NEW YORK, NY) — Compass, a real estate brokerage known for modernizing the industry with cutting-edge technology, is now valued at $ 4.4 billion.
Last week, the company announced that it raised an additional $400 million in its Series F funding round led by SoftBank’s Vision Fund and Qatar Investment Authority. Also participating in the deal were Wellington IVP and Fidelity, allowing Compass to raise a total of $1.2 billion in venture capital funding.
This morning, our CEO @RobReffkin appeared on @CBNC to share our latest milestone: a $400M fundraising round led by the SoftBank Vision Fund and Qatar Investment Authority. This investment allows us to take our company mission international. https://t.co/Otvc9n47CD pic.twitter.com/xiK8JgrxP9
— Compass (@Compass) September 27, 2018
The news comes less than a year after a $450 million investment from SoftBank, which at the time valued the brokerage at $2.2 billion. Now, just a year later, that value has doubled.
The New York City-based firm has over 7,000 agents across the country and intends to move into the new domestic markets of Austin, Nashville, and Houston by the end of this year. The funds will also be put toward international expansion and technological advancements.
“Real estate is the largest asset class in the world, and we are excited to bring Compass technology to international markets,” said founder, Ori Allon.
Compass currently operates in New York City, Atlanta, Aspen, Boston, Chicago, Dallas, the Hamptons, Los Angeles, Orange County, Miami, Fort Lauderdale, Philadelphia, San Diego, San Francisco, Santa Barbara, Montecito, Seattle, Washington D.C., and Westchester, NY.
The investment will move Compass closer to achieving its goal of 20 percent market share in the top 20 U.S. markets by the end of 2020.
The company is expected to hit around $34 billion in sales volume this year, a number that more than doubles its 2017 sales volume of $14.8 billion.
