The SoftBank Vision Fund has agreed to invest USD450 million in Compass, a real estate technology company.
This investment will bring the total capital raised to USD775 million. Compass will use the capital to expand to every major US city and increase its investment in technology to further empower Compass agents and their clients.
Compass is building the first modern real estate platform, which reduces the friction and frustration associated with selling, buying, or renting a property by providing real estate agents with a set of powerful tools to increase efficiency and sales volume.
“The combination of technology and our partnership with top real estate agents who do outsized transaction volume will enable us to build the world’s largest real estate technology platform,” says Ori Allon, Founder and Executive Chairman of Compass. “With the support of the SoftBank Vision Fund, we will be able to move quickly to execute our ‘Compass Everywhere’ vision, partnering with top agents and their clients in every major US city. Just last week, we launched in Chicago with the number one agent team in the State of Illinois, and we are continuing to gain momentum with top agents everywhere.”
“Real estate is a huge asset class, but the sector has been relatively untouched by technology and remains inefficient and fragmented,” says Justin Wilson, a senior investment professional at the SoftBank Vision Fund. “Compass is building a differentiated, end-to-end tech platform that aggregates across diverse data streams to support agents and homebuyers through the entire process, well beyond the initial home search. With disruptive technology and unique data advantages, Compass is well-positioned for future growth in a sector that represents trillions in transaction volume.”
