The deal bring’s Compass’s total capital raised to $775 million. It intends to use the investment to extend its presence to every major US city, and to increase its investment in technology..
The Compass platform is intended to support the real estate buying and selling workflow. The firm currently operates in 11 US cities.
Justin Wilson, a senior investment professional at the SoftBank Vision Fund, said: “Real estate is a huge asset class, but the sector has been relatively untouched by technology and remains inefficient and fragmented.”
He added: “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.”
Ori Allon, founder and executive chairman of Compass, commented: “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.”