US-based online estate agent Compass secured $370m in series G funding today from investors including telecommunications and internet group SoftBank’s Vision Fund, TechCrunch reported.
Pension fund manager Canada Pension Plan Investment Board and investment firm Dragoneer Investment Group also took part in the round, which valued Compass at $6.4bn. It increased the company’s total funding to about $1.5bn.
Compass operates a real estate brokerage that helps customers sell their properties by lending the money for them to make improvements such as repairs, repainting or staging, and to cover costs associated with moving and storage.
The company operates in approximately 14 US states in addition to Washington DC and will use the money to move into additional markets as well as beefing up research and development. It is also considering a flotation in the next two years, sources told TechCrunch.
The round came after SoftBank Vision Fund and sovereign wealth fund Qatar Investment Authority co-led a $400m series F round for Compass in September 2018 that also featured Fidelity Investments, Wellington Management and IVP at a $4.4bn post-money valuation.
The valuation was double that at which Compass raised $450m from SoftBank in late 2017, a deal that took place only weeks after a $100m series E round backed by Fidelity, IVP and Wellington Management.
The latter two had joined Thrive Capital, Founders Fund, .406 Ventures, Marc Benioff and Kenneth Chenault to provide $75m in series D funding for the company in 2016.
Compass received $60m in a series C round led by IVP in 2015 that included .406 Ventures, Thrive Capital, Founders Fund, Chenault and Benioff, the five investors that took part in the company’s $40m series B round in 2014 along with media company Advance Publications, at a $360m valuation.
