Compass has raised another round of funding amounting to a valuation of above $1 billion. This round of funding was led by Wellington Management Capital and adds up the total capital raised to $210 million, according to a report in the TechCrunch.
The real estate startup, which has existing investors IVP, Thrive Capital and Founders Fund, has plans to focus on and feature in broker listings. This will enable the company to generate both rental and ownership opportunities. Instead of generating revenue through ads, Compass takes a share of the transactions and claims it makes $7 billion annually.
“We are going to expand into new markets and continue developing transformative technologies, unmatched agent support and marketing resources to our agents and clients across the country,” said Ori Allon, Founder and Executive Chairman, Compass.
Investor Todd Chaffee also voiced high hopes for the company. “We believe that Compass will have a dramatic, transformative impact in the huge, antiquated real estate industry.”
Compass has set up offices across USA in Washington DC, Miami, Boston, the Hamptons, Cambridge, Beverly Hills, Malibu, Pasadena, Santa Barbara, and Aspen. The firm plans to open in San Francisco as well.