SoftBank throws down $450m for real estate disruptor
The Japanese giant is at it again, this time leading a $450m round of funding for the New York-based real estate startup, Compass.
That brings Compass’s total funding to a whopping $775m — and thanks to their new deep-pocketed business partner, they are now valued at $2.2B.
What is Compass?
Co-founded in 2012, Compass has swiftly pushed its way into the country’s largest real estate markets. Their technology and mobile platform help agents price and market properties by automating workflows and giving them access to key data insights.
According to Compass, real estate agents see a 25% commission increase in their first year after signing with them.
Their plan: exposure and expansion
The new money will be used to help execute their ‘Compass Everywhere’ initiative, allowing them to partner with the top real estate agents and their clients in every major city in the US.
Compass currently operates in 11 areas — half of which are already profitable — and they plan to nearly double their domestic reach with this round of funding.