US-based property marketplace website Urban Compass has raised $40m in a series B round that included return backer Advance Publications, the owner of media company Conde Nast Publications, Bloomberg reported yesterday.
Saleforce.com chief executive and founder Marc Benioff and American Express chief executive Kenneth Chenault also took part. The round was raised at a $360m valuation, just under twice that of Urban Compass when it raised $28.2m in its last round, which closed in October 2013.
Urban Compass employs estate agents to connect people to the property listings on its site. Currently operating in New York, the new funds will facilitate expansion into cities including Boston, Chicago and San Francisco, as well as the recruitment of additional staff.
Advance Publications previously participated in Urban Compass’ 2013 series A round, which also featured venture capital firms Thrive Capital, 406 Ventures and Founders Fund.
The company received $8m in seed funding in November 2012 from Founders Fund, Goldman Sachs, Thrive Capital, Chenault and ZocDoc chief executive Cyrus Massoumi.