New York real estate startup Compass has sealed its status as a true unicorn after being valued as a US$1 billion firm with its latest round of funding.
Wellington Management Capital led the most recent round, which included existing investors IVP, Thrive Capital and Founders Fund, which brings the total capital raised to $210 million.
Compass was co-founded by Ori Allon, an Israeli-born Australian citizen named on the BRW Young Rich list this year with individual wealth of $261 million.
Compass focuses on just a handful of markets including the Hamptons and Miami and aims to set itself apart by focusing on broker listings, for both rental and ownership opportunities. Compass takes a cut of the transactions instead of generating revenue through ads, and claims it processes $7 billion annually.
Compass hopes to further its growth with the new cash.
“We are going to expand into new markets and continue developing transformative technologies, unmatched agent support and marketing resources to our agents and clients across the country,” founder and executive chairman Ori Allon told TechCrunch.
Investor Todd Chaffee at IVP voiced high hopes for the company.
“We believe that Compass will have a dramatic, transformative impact in the huge, antiquated real estate industry.”