The startup Compass, which has developed a technology platform in real estate, announced the completion of a $100 million financing round, led by Fidelity Investments, Wellington Management, Institutional Venture Partners and others. For Fidelity, this is the company’s first investment.
Bloomberg estimates that the company‘s value at the time of the round is $1.8 billion.
Since it was founded in 2013 by Dr. Ori Allon, owner of the ‘Hapoel Jerusalem’ basketball team, Compass has raised $325 million in funding.
Allon founded Compass with his partner Robert Rafkin, a former White House consultant and head of Goldman Sachs’ executive office and CEO, and operates a technology platform that enables users and agents to make informed real estate decisions by providing in-depth and high-quality information on real-time pricing and market trends.
In addition, the platform presents detailed information on regions, neighborhoods, recent transactions, recreation and education, and more.
The company active in 10 regions in the U.S. including New York, Boston, Miami, Washington, and LA.
Compass plans to use the money to expand to every major city in the U.S., including Atlanta, Chicago, Dallas, Philadelphia, San Diego, Seattle and more. It also builds new CRM technology to integrate client, listings and transactions data.
This is the fifth financing round. Other investors include Founders Fund, managed by Peter Thiel, one of Facebook’s first investors and a founder of PayPal, Thrive Capital and 406 Ventures.
Compass had over $100 million in the bank before the raise, so this is about “really aggressive growth,” Chairman Ori Alon told TechCrunch in an interview.
Allon has previously made two successful exits when he sold two companies he founded to Google and Twitter.
The first exit was when he sold the Orion search engine, developed in the framework of the doctorate, which was bought in 2006 by Google.
After the sale, Allon joined Google’s management team, and the search engine he developed was based on Google’s ability to offer its users related searches.
Four years later, he founded Julpan, which developed a search engine for social networks and was acquired in 2011 by Twitter.
After the sale, Allon joined Twitter as manager of its development center in New York, where he worked for a year, until he left for the establishment of Compass.