Real estate technology startup Compass Inc. announced on Wednesday it has raised $100 million in a Series E investment round. Fidelity Investments Inc., IVP, and Wellington Management Company are among the investors who participated in the round.
According to Bloomberg, the investment round was based on a $1.8 billion valuation.
To date, Compass has raised a total of $325 million.
Founded in 2012 and headquartered in New York City, Compass is a real estate technology company operating a platform that supports real estate buying and selling processes. Compass operates in New York City, Los Angeles, San Francisco, Boston, Washington, D.C., Miami, Orange County, The Hamptons, Santa Barbara and Montecito, and Aspen.
Compass said it will use the funds to accelerate its expansion across the U.S. first targeting cities Atlanta, Austin, Charlotte, Chicago, Dallas, Houston, Philadelphia, Phoenix, San Diego, and Seattle.
The company also said it will enhance its platform by combining transaction, listing and client data to provide actionable intelligence and recommendations for agents.
Our Goal for the next two years is to be in every major city in the U.S., and next, we are looking to Europe and Asia, Ori Allon, Israel-born founder and executive chairman of Compass told Calcalist.
“Compass is building the infrastructure, data and tools that will power the next generation of this industry,” Mr. Allon said in a statement. “This new funding will allow us to double down on our development of transformative technology.
“Compass has proven that its technologically advanced platform is incredibly attractive to the industry’s top agents,” said Todd Chaffee, General Partner at IVP. “Their position at the intersection of technology and real estate gives them the unique opportunity to be the single largest holder of real estate data, ushering in a new realm of possibilities for agents and clients alike.”