Compass, a technology-driven real estate platform, has closed a $50 million funding round, led by Institutional Venture Partners (IVP).
The funding brings 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 plans to bring its scalable and proprietary technology to additional cities in the coming months building on the company’s recent meteoric rise.
The company is actively exploring opportunities in markets that include Atlanta, Boston, Chicago, Dallas, Houston, the Hamptons, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Seattle.
Compass has grown its exclusive listings to over $1 billion, securing $2.5 billion in new development and increased its agent population by more than 100 percent this year alone.