NEW YORK, NY, JUL 30, 2019 -- Compass, the real estate technology company, today announced $370 million in Series G financing; capital that will accelerate the company’s investment in platform software and scaling operations, including continued expansion of its East and West coast product & engineering hubs. This investment brings the total capital raised by Compass to over $1.5 billion.
The round includes a series of new investors and long-time partners including Canada Pension Plan Investment Board (CPPIB), Dragoneer Investment Group, Qatar Investment Authority (QIA) and SoftBank Vision Fund. New and returning investors cited Compass’ consistent growth, proven scale across the largest real estate markets, and proprietary technology as key drivers of their investment.
Compass is building the industry’s first end-to-end software platform to streamline the home buying and selling experience. Additionally, its exclusive Compass Concierge program empowers home sellers to sell their home faster and for more money by assisting with the cost of home improvement services like staging, painting and more, with no hidden fees and no interest charged.
The second quarter marked Compass’s most successful financial quarter in company history, with three consecutive months of record revenue—an increase of over 250% from Q2 2018.
Since its last round of funding in October 2018, Compass acquired Contactually, a cloud-based software company that has built the real estate industry’s leading customer relationship management (CRM) system; hired Joseph Sirosh, former CTO of AI at Microsoft and VP of Advanced Technology at Amazon, as Chief Technology Officer; opened its first West Coast Product & Engineering Campus in Seattle, WA; and tripled the size of its Product & Engineering team to over 300 employees.
“It has been incredible to see the growth of our Product & Engineering team, including the addition of Joseph Sirosh as CTO,” said Compass Founder & Executive Chairman Ori Allon. “We are excited to partner with new investors, and deepen our relationship with our existing partners to accelerate our growth and further our technology advancements.”
The $370 million Series G round positions Compass to make further investments in software development, including support for the August launch of a completely redesigned consumer search and app experience.
“This news comes on the heels of incredible momentum in building our platform, and on the verge of launching our revamped search experience, which will help more people find their place in the world,” said CTO Joseph Sirosh. “We are accelerating our investments in cloud, mobile and AI to create a revolutionary platform to simplify home selling, buying and ownership.”
Since its founding in 2012, Compass has expanded its footprint to more than 300 offices nationwide, in cities including New York City, San Francisco, Seattle, Los Angeles, Chicago, Washington, D.C., Boston, Austin, Houston, Dallas, Atlanta, Denver, Boulder and more.
