Compass, a PropTech platform designed to ease buying and selling, has secured $400m in its Series F round.
SoftBank Vision Fund and Qatar Investment Authority led the investment round, which also saw participation from Wellington, IVP and Fidelity. This new round of funding brings the company’s total equity raised to $1.2bn.
Through the equity injection, Compass will look to expand internationally, further its growth across the US and boost its investment to its technology. Compass aims to reach a 20 per cent market share in the top 20 US cities by 2020, according to the company.
Founded in 2012, Compass offers an end-to-end platform that helps to simplify the buying, renting and selling workflow, through its online database of properties. The company helps real estate agents increase commissions by around 25 per cent, and helps clients to sell homes quicker and at higher prices
Over this past year, the company has tripled its agent population to more than 7,000, and launched operations in San Diego, Dallas, Seattle, Philadelphia and Atlanta. The company is also looking to launch in Austin, Nashville and Houston by the end of the year.
The company is looking to reach $34bn in sales volume for 2018 which would be doubling the volume it reached in 2017 of $14.8bn, according to the company.
Compass founder and executive chairman Ori Allon said, “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.”
Late last year, Compass pulled in a $450m investment from SoftBank with the aim of supporting the deployment of its services to the whole of the US.
This is SoftBank’s second investment into a US-based PropTech platform this week. The firm previously deployed $400m into Opendoor, an online real estate marketplace.
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