Compass has attracted a $450 million investment from the SoftBank Vision Fund, bringing its capital raised to $775 million total, the company recently announced. It intends to use the funds—the “largest in real estate technology in U.S. history,” according to the announcement—to expand to “every major U.S. city” and increase its offerings.
“The combination of technology and our partnership with top real estate agents who do outsized transaction volume will enable us to build the world’s largest real estate technology platform,” says Ori Allon, founder and executive chairman of Compass. “With the support of the SoftBank Vision Fund, we will be able to move quickly to execute our ‘Compass Everywhere’ vision, partnering with top agents and their clients in every major U.S. city. Just [two weeks ago], we launched in Chicago with the No. 1 agent team in the state of Illinois, and we are continuing to gain momentum with top agents everywhere.”
“Real estate is a huge asset class, but the sector has been relatively untouched by technology and remains inefficient and fragmented,” says Justin Wilson, a senior investment professional at the SoftBank Vision Fund. “Compass is building a differentiated, end-to-end tech platform that aggregates across diverse data streams to support agents and homebuyers through the entire process, well beyond the initial home search. With disruptive technology and unique data advantages, Compass is well-positioned for future growth in a sector that represents trillions in transaction volume.”
Compass’ Chief Revenue Officer Rob Lehman was in attendance at RISMedia’s 2017 Real Estate CEO Exchange in September, discussing the company’s role in the evolution of the real estate brokerage model.
“We’re a technology-powered brokerage first and foremost,” Lehman told attendees. “We’re 100 percent focused on building software for agents and creating value for agents. We are a mission-driven company, and that mission is to help everyone find their place in the world. We move people into homes, and speaking specifically to the real estate agent, we’re helping them find their place in an extremely rapidly changing environment.”
For more information, please visit www.compass.com.
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