The real estate industry is one of the oldest ones and arguably one of the most challenging. As cities continue to grow and emerge and the population keeps increasing, the dynamics of the real estate market keep changing. For those who thought technology can’t be applied to this market, prepare to be surprised. A New York-based startup called Compass has raised an amazing $400 million in venture capital funding to arrive at a mind-boggling evaluation of $4.4 billion.
Compass has built an online platform to bring together agents, buyers as well as sellers and make other transactions seamless and simple. This was a Series F round of funding led by Softbank’s Vision Fund and Qatar Investment Authority. The company’s business model has definitely captured the attention of many VC’s, considering the fact that it received $450 million less than a year ago, which itself was preceded by a $100 million funding.
Founded in 2012 by Ori Allon, Compass has experienced rapid growth. It now has over 7,000 agents on the ground and a presence in several cities including New York, Washington D.C., Boston, San Francisco among many others. The round of funding will be used to expand to other important markets in the United States and abroad. Compass is indeed well on its way to disrupt the real estate market.