Compass (formerly Urban Compass), led by the founders Robert Reffkin and Ori Allon, just raised new $50 million funding round, which 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 investment, led by Institutional Venture Partners (IVP), values the startup at about $800 million, according to Business Insider, citing sources familiar with the matter.
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.
Launched in 2013, compass well known in the real estate industry in New York and DC. It attracted over 350 agents to the company already, with more of half of them in New York. With the new fund Compass plans to bring its technology to additional cities all over the United States.
Compass helps people find apartments for renting or buying. Ori Allon said, “Our proprietary data-driven technology enables clients and agents to interact seamlessly, bringing valuable intelligence to the real estate decision-making process. Long term, we envision scaling these highly-sophisticated insights to players across the real estate value chain, expanding our opportunities for future success and growth.”