Real estate platform Compass has raised $400 million in a series F round of funding led by SoftBank’s Vision Fund and Qatar Investment Authority (QIA), with participation from Wellington, IVP, and Fidelity.
This latest tranche comes less than a year after the New York-based startup raised $450 million from the very same SoftBank fund and takes its total capital raised since inception to $1.2 billion. The company is now valued at $4.4 billion, double its valuation last December.
Another notable facet of this announcement is that it comes on the same day SoftBank has emerged as lead investor on a $400 million investment in fellow real estate startup OpenDoor and a week after Zumper nabbed $46 million (though not from SoftBank). It’s fair to say that the real estate market is hot.
Founded in 2012, Compass — formerly known as Urban Compass — is a platform that helps home buyers, sellers, and renters find properties across the U.S. It also provides data and analytics to agents and those who require insights into trends in local areas.
The company said the fresh funds will be used to expand its platform internationally, as well as to consolidate its position in its domestic U.S. market.
“Real estate is the largest asset class in the world, and we are excited to bring Compass technology to international markets,” said Compass founder and executive chair Ori Allon. “Our incredible track record of growth in the U.S. validates our vision and sets us up for the global stage. The support of our investors will strengthen the Compass mission to help everyone find their place in the world by advancing our national and global expansion and continue building our agent productivity platform through technology and innovation.”
The company said it is on track to more than double its 2017 sales volume this year to $34 billion, though it stopped short of discussing profits.