Real estate startup Compass has earned a valuation of over $1 billion, with its latest round of funding bringing its total raised capital to $210 million. The $75 million round, led by Wellington Management Company, makes the company one of few New-York based venture-backed unicorns—startups valued at $1 billion or more—formed this year, Bloomberg reports.
“We intend to expand into new markets and continue developing the best technologies, agent support systems and marketing resources in the industry,” said a Compass spokesperson in a statement to RISMedia.
The company, which claims it is “the first modern brokerage pairing the industry’s top talent with technology,” generates revenue by taking a percentage of the profits from transactions processed through its website, which sees $7 billion in sales each year. Competitors across the industry are racing to stake the same claim.
The company recently unveiled a mobile app that provides real estate agents and consumers access to in-depth housing data in real time.
Founded in 2013 by Executive Chairman Ori Allon and CEO Robert Reffkin, Compass has since expanded to Aspen, Colo., Boston, The Hamptons, Miami, Los Angeles and Washington, D.C., among other high-end markets. Reffkin will share insight into Compass’ singular model at the sold-out RISMedia 2016 Real Estate CEO Exchange, taking place Sept. 13 and 14 at the Harvard Club of New York City.
“We are disrupting an industry long overdue for changes in technology and agent-client interaction,” the spokesperson added. “Compass’ aim is to elevate the entire real estate experience by making the process of buying and selling homes more transparent, intelligent and seamless. We are building something people really believe in, with the goal of changing the industry for the better.”