US-based online real estate platform Compass has raised a $50m series C round backed by publishing conglomerate Advance Publications, TechCrunch reported yesterday.
The round was led by Institutional Venture Partners, and featured Thrive Capital, Founders Fund, 406 Ventures, as well as angel investors Kenneth Chenault, chief executive of payment processing service American Express, and Marc Benioff, chief executive of cloud computing firm Salesforce.
Compass was valued at $800m for the round.
Founded in 2012, Compass was originally known as Urban Compass. The company claims to handle $1bn in real estate listings, and will use the capital to expand into 10 more cities in the US over the next year.
Part of the cash will be used to acquire other businesses to help drive the expansion. Compass previously bought brokerage firm Lindsay Reishman Real Estate, operating in Washington DC, in November 2014.
In July 2014, Compass closed a $40m series B round backed by Advance Publications and Benioff.
The company was reported in 2013 to have secured $20m in series A funding, however a regulatory filing puts the amount at $28.2m. The round was backed by Advance Publications, Founders Fund, Thrive Capital, .406 Ventures and Benioff.
Founders Fund, Thrive Capital, .406 Ventures, Goldman Sachs, as well as Chenault and other angel investors provided $8m in seed funding in 2012.