NEW YORK: Compass, a technology-driven real estate platform, has closed a new round of funding, company executives announced. The new $50 million funding round, led by Institutional Venture Partners (IVP), comes on the heels of the company’s $40 million round in July 2014. Compass’s total capital raised to date is $123 million.
The round also included new investments from existing key investors including Thrive Capital, Founders Fund, 406 Ventures, Advance Publications, Inc. (the parent company of Condé Nast), Kenneth Chenault, CEO of American Express and Marc Benioff, Founder and CEO of Salesforce.com.”This new funding will enable us to accelerate our expansion into additional markets, bringing our best-in-class technology to new agents and clients.
The additional capital will also allow us to build out our industry leading engineering, product and design teams, which is a testament to our company’s commitment to long-term growth,” said Ori Allon, Founder and Executive Chairman of Compass. “We are excited to partner with Institutional Venture Partners, which has a long track record of success helping disruptive technology companies like Dropbox, Kayak, Snapchat and Twitter scale and become leaders in their field.”
“Compass has developed exceptional technology to improve the real estate experience and is led by a talented management team, whose vision and commitment to innovation has quickly established the company as a leader in the market,” said Todd Chaffee, General Partner at IVP. “We are excited about their long-term strategy and are proud to partner with Compass as it continues its rapid expansion.”
