Meet the (alleged) newest member of the ‘unicorn club’: a tech platform that wants to blow up the real estate industry.
Compass, a technology platform that streamlines the process of buying and selling real estate, raised a $75 million round in late August 2016. There is no confirmed valuation from the company itself, but sources familiar with the deal have said the company was seeking a $1.2B to $1.3B valuation. This would be a significant jump in valuation for the 4-year-old company, which was valued at $800M in the Series C round it raised last year.
Compass positions itself as “Powered by data, technology, and deep expertise“, connecting buyers and sellers with local real estate agents and layering on what the company says is superior technology and intuitive design. This is what the company says makes the process of buying and selling more efficient than via conventional channels. In fact, Compass CEO Robert Reffkin claims that real estate agents in New York City spend 89% of their time on administrative work.
Compass has raised nearly $210 million in a total of 5 funding rounds.