Real Estate Tech Startup Compass Raises $450 million from SoftBank

A NYC startup that wants to make finding a home easier just raised $450 million at a $2.2 billion valuation

A NYC startup that wants to make finding a home easier just raised $450 million at a $2.2 billion valuation

Real estate technology and brokerage Compass will receive an investment of $450 million from SoftBank's Vision Fund, the largest real estate technology investment in USA history.

The SoftBank investment brings Compass's total equity funding to a total of $775 million. "We have an opportunity to work with the world's largest investment firm and invest in our technology while achieving our goal of operating in every USA city and going global in a much shorter time period", Compass founder and CEO Ori Allon said in an interview.

Four weeks ago, Compass announced a $100 million funding round led by Fidelity Investments in a deal that valued the company at $1.8 billion.

The money will be used to expand where Compass operates.

Compass is building what it calls "the first modern real estate platform", which aims to reduce the friction and frustration associated with selling, buying or renting a property by providing real estate agents with a set of tools to increase efficiency and sales volume. "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 USA city".

"Real estate is a huge asset class, but the sector has been relatively untouched by technology and remains inefficient and fragmented", Justin Wilson, a senior investment professional at SoftBank's Vision Fund, said in a statement.

Over the last 24 months, Compass grew its agent population by 500 percent. Buyers benefit from a more efficient process. We deliver an incomparable experience to both agents and their clients all in service of the Compass mission: to help everyone find their place in the world. Learn more and find your place at www.compass.com and compass.com/careers.

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