The high-tech real estate brokerage firm Compass has acquired even more cash, which will definitely help the innovative company to continue building out its technological platform and grow its engineering hubs on both US seaboards. Early this week, to close out the month of July, Compass announced yet another impressive round of Series G funding, worth about $370 million, that brings the company’s lifetime investment total to $1.5 billion and rounds Compass’ overall valuation to $6.4 billion. Primary investors for this round include SoftBank Vision Fund, Canada Pension Plan Investment Board, and Dragoneer Investment Group.
Real estate technology is a field that seems to attract cash investors, as the list of companies in the market continues to lengthen. Seattle’s Zillow and Redfin are among the many that are working feverishly to develop the most efficient way to simplify the arduous and complicated process of buying and selling homes. Compass, of course, identifies itself as an emerging leader by marketing its brand of technology and tools, mostly, to real estate agents directly.
Speaking of Seattle, Compass opened its West Coast hub in the Emerald City just last year, announcing a plant to hire 100 product workers and engineers in the process. So far, the company has already added about two dozen engineers to the roster, with the office growing to about 100 people so far. At the end of the day, Compass has already employed approximately 300 engineers, who are already handling the company’s tech out of headquarters in Seattle and New York.
In addition, Compass has recruited a handful of Zillow engineers over just the past few months. This motivated hiring spree, however, has led to a bit of a legal dispute between Compass and Zillow, the latter of whom alleges—in a couple of lawsuits, earlier this year—Compass poached Zillow employees through non-compete agreements to steal their intellectual property.
Compass CEO Robert Refkin explains, “To date, the technology has been focused on building directly for the consumer without the agent, although the agent is the heart of the experience. We have an obsession with the agent the way Amazon has an obsession with the customer.”